4 big analyst picks: Adobe upgraded at BofA, 'Ahead of the curve with AI’

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Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Adobe, Hawaiian Electric, Marvell, and CRISPR Therapeutics.

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BofA Securities upgraded Adobe Systems (NASDAQ:ADBE) to Buy from Neutral and raised its price target to $630.00 from $575.00, given the company’s potential to harness AI for substantial additional revenue in FY24.

«Adobe is ahead of the curve, and we believe that AI offerings (such as generative AI-powered content creation tool Firefly) are likely to begin driving meaningful revenue/FCF upside as soon as FY24.»

The bank identifies several potential avenues for AI monetization, such as (1) offering paid subscriptions for Firefly, (2) selling credit packs for Firefly usage, and (3) establishing custom agreements with global brands to integrate data and LLMs with Adobe's services.

Wells Fargo upgraded Hawaiian Electric Industries (NYSE:HE), the largest electricity supplier in Hawaii, to Equal Weight from Underweight with a price target of $8.00 (from $25.00), as reported in real-time on InvestingPro.

Shares have fallen by more than 65% since Aug 8, as the company faces litigation and a financial crisis over indications that its power lines may have had a role to play in igniting Maui's deadly wildfires.

The Wall Street Journal reported on Wednesday that the company is in talks with restructuring-advisory firms over the options it has to address its financial and legal hurdles.

Marvell Technology (NASDAQ:MRVL) shares rose more than 1% pre-market today after B. Riley upgraded the company to Buy from Neutral and raised its price target to $75.00 from $60.00.

The company is set to