5 Stocks Receiving a Massive Vote of Approval From Wall Street Analysts

03. Adobe Inc. (NASDAQ:ADBE)

Price Reaction after the Upgrade: +14.45 (+2.47%)

On December 18, Barclays upgraded Adobe Inc. (NASDAQ:ADBE), a key player in the software and technology industry, from an Equal Weight rating to a more bullish Overweight rating. Concurrently, the investment bank increased the price target for Adobe Inc. (NASDAQ:ADBE) from $680.00 to $700.00. This development is situated within the broader context of creative software and design tools. The upgrade came after Adobe Inc. (NASDAQ:ADBE) and Figma jointly announced the termination of a proposed $20 billion acquisition. The cancellation was attributed to regulatory challenges, particularly scrutiny from the U.K.’s Competition and Markets Authority (CMA) and the U.S. Department of Justice. The regulatory pushback in Europe played a decisive role in the companies’ decision to abandon the acquisition. In response to these developments, Barclays upgraded Adobe’s rating to Overweight. The market reacted positively to the news of the upgrade, with Adobe Inc. (NASDAQ:ADBE) stock exhibiting a notable increase of 14.45 (2.47%). This robust price reaction suggests that investors perceived the cancellation of the Figma deal and the subsequent upgrade from Barclays as favorable developments for Adobe Inc. (NASDAQ:ADBE) future prospects within the creative software and design tools industry.