Adobe Systems Inc. stock hit record highs in Thursday’s session, after the software company provided preliminary forecasts for its 2018 fiscal year Wednesday afternoon. At its annual Adobe Max conference in Las Vegas, executives said they expect revenue to increase 20% in 2018 to about $8.7 billion and adjusted earnings to increase to $5.50 a share from this year’s estimated annual total $3.75 a share. Analysts had expected profit in 2018 to be about $5.20, according to average estimates compiled by FactSet, though that average was quickly moving higher as notes poured in Thursday morning. “Better FY18 guidance, pricing power and pace of innovation reminds us how good a business Adobe is,” praised RBC Capital Markets analysts, who raised their price target to $177 from $157 and maintained an outperform rating. Adobe shares moved as high as $170.29 in Thursday’s morning trading session, 11.3% higher than Wednesday’s closing price and an all-time intraday record. Adobe shares have gained 64.8% this year, as the S&P 500 has increased 14.4%.
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