Adobe Systems (NASDAQ:ADBE) shares gained more than 2% intra-day today after the company reported its Q2 earnings results, with EPS of $3.91 coming in better than the Street estimate of $3.79. Revenue was $4.82 billion, beating the Street estimate of $4.77 billion.

For Q3/23, the company anticipates EPS in the range of $3.95-$4.00, compared to the Street estimate of $3.89, and revenue in the range of $4.83-$4.87 billion, compared to the Street estimate of $4.86 billion.

For the full year, management sees EPS at $15.65-$15.75, compared to the Street’s $15.50, and revenue at $19.25-$19.35 billion, compared to the Street’s $19.3 billion.

Following the announcement, Wells Fargo analysts increased their price target to $600 from $525, while reiterating their Overweight rating. According to the bank, the results are expected to sustain the positive trend as the company surpassed expectations in Q2, made an unusual upward revision to its targets for the fiscal year, and provided additional information regarding the anticipated monetization of artificial intelligence (AI).