On September 14, Adobe rose 3.08% overnight, trading at $259.73/share, with turnover of $5.22 million. The rally was driven by stronger-than-expected fiscal Q3 results and a wave of analyst target price upgrades.

Adobe reported fiscal Q3 revenue of $6.76 billion, up 13% year-over-year and above the consensus estimate of $6.693 billion. Adjusted EPS came in at $6.13, beating the $6.09 estimate. Subscription revenue reached $6.582 billion, up 14% year-over-year, with monthly active users surpassing 1 billion for the first time. The company also raised its full-year revenue and EPS guidance, now expecting revenue of $26.576 billion to $26.626 billion and adjusted EPS of $24.45 to $24.50, both above prior forecasts.

Following the results, multiple institutions raised their price targets: RBC maintained its outperform rating with a $315 target, Piper Sandler raised to $250, Stifel to $225, and Mizuho to $260. However, some analysts noted that Q4 revenue guidance of $6.80 billion to $6.85 billion was only in line with expectations, while Creative segment sequential growth appeared muted.

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