Barclays downgraded Adobe (ADBE) to Equal Weight from Overweight with a price target of $275, down from $335. The company reported fiscal Q1 net new annual recurring revenue of $400M versus Barclays’ $460M estimate and kept its fiscal 2026 guide unchanged, the analyst tells investors in a research note. The firm says the biggest news of the quarter is that Adobe’s long-time CEO Shantanu Narayen is transitioning out. It moves the sidelines on this news. Adobe in premarket trading is down 9%, or $23.66, to $246.12.
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