Adobe downgraded to Sell from Hold at Melius Research

Melius Research analyst Ben Reitzes downgraded Adobe (ADBE) to Sell from Hold with a $310 price target The firm believes the software-as-a-service companies are in the “early innings” of multiple contraction given the shift to artificial intelligence. Melius sees value continuing to shift toward “infrastructure winners” like Microsoft and Oracle at the expense of companies like Adobe. It cut Adobe’s 2026 and 2027 estimates and downgraded the stock to Sell.