Morgan Stanley thinks Adobe can benefit from artificial intelligence-powered products even more. The bank upgraded Adobe to overweight from equal weight on Monday and hiked its price target to $660 per share from $510. Morgan Stanley’s new forecast now implies nearly 25% upside. The stock had climbed more than 57% year to date ADBE YTD mountain Adobe year to date Analyst Keith Weiss said that while Adobe may have been “late to the party,” the company still stands to gain from artificial intelligence integration across the its line of products. “Importantly, GenAI products like Firefly coupled with enhancements to flagship applications renew our confidence in a robust product innovation engine at Adobe,” Weiss said. Weiss also pointed to the popular Adobe Creative Cloud, which could push the company’s earnings-per-share compounded annual growth rate to toward 17% from 2022 to 2025. “Supported by one of the strongest franchises in software, Adobe’s Creative Cloud is well positioned to integrate Generative AI functionality into existing workflows of a broad base of subscribers, enabling stickier customer engagement and opportunity to monetize incremental productivity provided to users,” he said. — CNBC’s Michael Bloom contributed to this report.