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Here is your Pro Recap of the biggest analyst picks you may have missed since Friday: upgrades at Adobe, Oracle, SentinelOne, and Disc Medicine.

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Wells calls Adobe Overweight on improving competitive position

Adobe (NASDAQ:ADBE) shares rose more than 3% on Friday after Wells Fargo upgraded the company to Overweight from Equal Weight with a price target of $525.00 (from $420.00), citing hope that generative artificial intelligence will prove to be a tailwind for the business.

Wells believes that Adobe’s competitive position is firming up after a challenging year amid a less intense competitive environment due to the introduction of Adobe’s AI art generator, Firefly. Wells says the product serves as a much-needed next act for Adobe and a natural extension of the company’s entrenched position within digital media.

Wells also points out that the current market favors consolidators, as organizations aim to do more with less across IT. This creates new opportunities for Adobe’s DM and DX platforms at the expense of point solutions and emerging marketing technology players.

Shares were recently up 1% premarket.

The company is set to report its Q2/23 earnings on Thursday after the market close.

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Illumina (NASDAQ:ILMN) stock rose 3.2% after the gene-sequencing machine maker’s CEO Francis deSouza stepped down on Sunday, marking a victory for activist investor Carl Icahn and heightening expectations that it could unwind its controversial $7.1 billion acquisition of Grail.
Biogen (NASDAQ:BIIB) stock rose 3.1% after an advisory panel to U.S. regulators gave their support to the early-stage usage of an Alzheimer’s drug co-developed by the biotech group.
Nasdaq (NASDAQ:NDAQ) stock fell 7.9% after the exchange operator agreed to buy financial software firm Adenza from private equity firm Thoma Bravo for $10.5B in a cash and stock deal as it tries to reposition itself as a financial technology company.
JPMorgan (NYSE:JPM) stock rose 0.4% after the bank announced it had agreed in principle to settle a class action lawsuit with a victim of Jeffrey Epstein.
Nio (NYSE:NIO) ADRs rose 4.3% after the Chinese EV manufacturer cut prices on its cars in order to boost lukewarm sales.
UBS (NYSE:UBS) stock rose 0.9% after the Swiss banking giant said it had completed its takeover of troubled rival Credit Suisse, creating a Swiss lender with a balance sheet of $1.6 trillion.
Carnival (NYSE:CCL) stock rose 6% after JPMorgan upgraded its stance on the cruise operator to ‘overweight’ from ‘neutral’, saying the industry’s momentum is growing.
Coinbase (NASDAQ:COIN) stock fell 1.5%, continuing its losses after the crypto exchange platform was sued last week by the Securities and Exchange Commission for allegedly operating an unregistered exchange.