Adobe (ADBE) has the best artificial intelligence offerings among software companies right now, CNBC’s Jim Cramer said Thursday.
“I think they’re No. 1,” Cramer said on “Squawk on the Street.”
The maker of Photoshop and InDesign earlier this year launched a generative AI tool called Firefly, which allows users to edit images simply through type commands. Cramer said he believes the rollout of Firefly has been successful, giving Adobe a strong position in the budding AI adoption cycle.
“It is so good, this Firefly,” Cramer said.
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Cramer’s comments Thursday come after Bank of America upgraded Adobe to buy, from neutral, with a revised price target of $630 per share. That implies roughly 22.5% upside from where Adobe stock closed Wednesday, at $514.49 per share. “I like this call,” Cramer said, referring to Bank of America’s bullish outlook.
Shares of Adobe were basically flat Thursday morning. For the year, the stock has climbed around 54%.
Back in March, Adobe and Nvidia (NVDA), a top-performing stock in the CNBC Investing Club’s portfolio, announced a deeper partnership to co-develop advanced generative AI models.
Here’s a full list of the stocks in Jim’s Charitable Trust, the portfolio used by the CNBC Investing Club.
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