Shares of Adobe Inc (ADBE  ) dipped nearly 5% Friday following the company's third-quarter earnings beat issued after market close on Thursday.

By The Numbers: The San Jose, California-based tech giant posted earnings of $4.09 per share, beating a Street estimate of $3.98 by 2.76%. The earnings beat came in 20.29% higher than the $3.40 earnings per share from the same quarter last year.

The company reported quarterly sales of $4.89 billion, slightly edging out the analyst consensus estimate of $4.87 billion by 0.41%. Revenues represent a 10.31% increase from sales of $4.43 billion during the same period last year.

What do analysts think?

The Goldman Sachs Analyst: Kash Rangan reiterated a Buy rating on Adobe, raising the price target from $550 to $625.

The Goldman Takeaways: Despite a strong third-quarter performance and a share price that's up 12% since its last report, the delay in issuing full-year 2024 guidance might be influencing current stock sentiment, Goldman said. Still, Rangan remains bullish on Adobe, particularly due to its positioning to benefit from generational artificial intelligence (AI).

Adobe's accelerated monetization strategies and upcoming price hikes for certain Creative Cloud plans, backed by strong customer demand, are expected to fuel growth in the coming years.

The Piper Sandler Analyst: Brent Bracelin maintained an Overweight rating on the stock, while raising the price target from $572 to $650.

The Piper Takeaways: The company's consistent 13% constant currency growth for three quarters and other positive indicators reinforce Bracelin's belief that 2023 could mark a resurgence in growth. Piper is optimistic about the company's growth prospects next year, driven by new pricing, products and AI-related tailwinds.

The recent growth in Document Cloud ARR and the potential boost from upcoming price increases also paint a positive picture for the future.

The RBC Capital Markets Analyst: Matthew Swanson reiterated an Outperform rating, sticking to a $615 price target.

The RBC Takeaways: Adobe's consistently strong performance is commendable, especially considering its investments in generative AI, Swanson said. Its outperformance in net-new Digital Media ARR, the potential benefits from generative A, the Creative Cloud pricing update for 2024 and the anticipation surrounding Adobe Max provide optimism for the stock's future trajectory.

The BMO Capital Markets Analyst: Keith Bachman maintained an Outperform rating on the stock, and raised its price target from $640 to $645.

The BMO Takeaways: Despite high expectations, Adobe delivered for the quarter, Bachman said. The introduction of generative AI solutions is viewed as a multi-year opportunity at BMO, and the recent release of new products is just the beginning.

Over time, Adobe could announce more offerings, potentially leading to increased product differentiation, user growth, and pricing opportunities. BMO remains confident in Adobe's potential for durable growth.

ADBE Price action: Shares of Adobe are trading 4.10% lower at $529.52 Friday at publication, according to data from Benzinga Pro.