Adobe on Thursday announced new enterprise applications for its Firefly software for generative artificial intelligence. ADBE stock surged on the news.
The company's Firefly for Enterprise will enable employees across an organization, regardless of creative skill level, to generate "beautiful, on-brand, ready-to-share content," Adobe said in a news release. Editing the AI-created images also can take place in either Adobe Express or Creative Cloud.
Firefly for Enterprise will enable organizations to speed creation of digital content for internal and external audiences while optimizing costs, Adobe said.
Generative AI can create content, including written articles, images, videos and music, from simple descriptive phrases. Artificial intelligence systems analyze and digest vast amounts of data to create new works.
ADBE Stock News: Firefly For Enterprise Coming Soon
The new Adobe Firefly for Enterprise offering will be available in the second half of 2023.
Launched in March, Firefly's first model is trained on Adobe Stock images, openly licensed content and other public domain content where copyright has expired.
Further, Adobe plans to allow businesses to custom-train Firefly with their own branded assets. This will enable companies to generate content in their brand's unique style.
Also Thursday, Adobe announced new generative AI features for its Adobe Experience Cloud, its customer experience management platform.
ADBE Stock Gets Price-Target Hikes
On the stock market today, ADBE stock rose 5% to close at 439.03. ADBE stock is approaching a buy point of 451.15 out of a cup base, according to IBD MarketSmith charts.
Meanwhile, ADBE stock earned two price-target hikes from Wall Street analysts.
Piper Sandler analyst Brent Bracelin on Wednesday raised his price target on ADBE stock to 500 from 415. He also reiterated his overweight, or buy, rating.
"We have increasing conviction in our bull-case thesis on ADBE," Bracelin said in a note to clients. He cited "an accelerating pace of innovation evident by new Gen AI features getting weaved into Acrobat, Express, Photoshop, and Premiere Pro."
On Thursday, Deutsche Bank analyst Brad Zelnick raised his price target on ADBE stock to 500 from 430 and kept his buy rating. He sees Adobe matching Wall Street's estimates when it posts fiscal second-quarter results on June 15.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
