What's Going On With Adobe Stock?

Adobe Inc ADBE shares are trading higher Tuesday. The company unveiled new generative AI capabilities using Adobe Firefly in Adobe Illustrator. 

What To Know: Adobe announced Generative Recolor at MAX London on Tuesday, representing the first integration of Firefly in Illustrator, enabling designers to experiment with colors using simple text prompts.

The beta release of Generative Recolor "magically transforms colors" in vector artwork, the company said. Color variations previously had to be created manually, but now designers will be able to use Firefly to "dramatically accelerate" color processes. 

"Firefly will help customers accelerate their creative process and save countless hours, while facilitating rapid ideation, experimentation and asset creation," said Ashley Still, senior vice president of digital media at Adobe.

Adobe is scheduled to report second-quarter earnings on Thursday. The company is expected to turn in earnings per share of $3.52 on quarterly revenue of $4.43 billion, according to Benzinga Pro.

From Last Week: Jim Cramer Notes Uptick In Adobe Stock, Says Generative AI Can't Be Underestimated

On Monday, several analysts raised price targets on the stock.

• Morgan Stanley analyst Keith Weiss maintained Adobe with an Equal-Weight and raised the price target from $385 to $470.
• Jefferies analyst Brent Thill maintained Adobe with a Buy and raised the price target from $440 to $530.
• Evercore ISI Group analyst Kirk Materne maintained Adobe with an Outperform and raised the price target from $425 to $475.

ADBE Price Action: Adobe shares were up 3.03% at $489 at the time of publication, according to Benzinga Pro.

Photo: Joshua Woroniecki from Pixabay.