BMO Capital analyst Keith Bachmann lowered the price target on Adobe (NASDAQ: ADBE) to $660.00 (from $690.00) while maintaining an Outperform rating.

The analyst said: "We conducted our fifth survey focused on Adobe’s Creative Cloud. While trends are generally positive for Firefly, increasing competition trends are concerning. For example, more than 80% of total respondents believe that Firefly can help them use Creative Cloud more effectively. While the note is focused on our survey and long-term trends, we expect modest ARR upside for the Feb quarter. However, given our increased concerns about competition, we are lowering ADBE’s target price from $690 to $660, removing ADBE from our top pick list, and retaining our Outperform rating."