Adobe price target lowered to $278 from $315 at Citi

Citi lowered the firm’s price target on Adobe (ADBE) to $278 from $315 and keeps a Neutral rating on the shares. The company reported an fiscal Q1 beat and in-line Q2 outlook with news of a CEO transition, the analyst tells investors in a research note. Citi believes the CEO change adds uncertainty during a “pivotal moment in Adobe’s AI evolution.”