Adobe (ADBE) PT Lowered to $500 at Oppenheimer

Oppenheimer analyst Brian Schwartz lowered the price target on Adobe (NASDAQ: ADBE) to $500.00 (from $530.00) while maintaining a Outperform rating.

The analyst commented: "Adobe's F2Q results were above consensus estimates. Positively, the AI-derived ARR is ramping and tracking ahead of the 2025 plan, a creative cloud pricing cycle is starting, investor expectations are low, and ADBE estimates are rising. On balance, the bears will continue pointing to a decelerating business with only modest net-new Digital Media ARR growth, and a longer time horizon for Adobe to garner multiples credit for its AI positioning. Bottom Line: In our view, the F2Q results are mostly consistent with recent quarters with Adobe's reported results overcoming a low guidance bar offset by slowing top-line and margin growth. We maintain an Outperform rating on ADBE on valuation, but lower PT to $500 (from $530) on group multiples compression."

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