Citi analyst Tyler Radke lowered the price target on Adobe (NASDAQ: ADBE) to $628.00 (from $632.00) while maintaining a Neutral rating.

The analyst said: "We expect a solid FQ1 for Adobe amid steady new user acquisition, upsells, and ~$70M in price increase tailwinds. Shares have lagged peers YTD (-9%) vs. CRM (up ~15%) and look tied to recent headline concerns about OpenAI’s new video generation model, Sora. We believe the industry developments are unlikely to have a near-term impact on numbers, though we do see greater long-term competitive uncertainty. On the core DM business, we see room for upside to Q1/FY25 numbers given a conservative guide and further broadening out of price increases (secondary geos went live March 5th). While we have a positive bias into earnings, we maintain our Neutral rating as we believe increased GenAI-driven competition could de-rate valuation multiple."