Adobe price target lowered to $285 from $375 at BMO Capital

BMO Capital analyst Keith Bachman lowered the firm’s price target on Adobe (ADBE) to $285 from $375 and keeps a Market Perform rating on the shares. The company reported a mixed quarter with solid current remaining performance obligations and revenue but light on annual recurring revenue in part due to stock weakness, the analyst tells investors in a research note. Adobe’s focus on user acquisition through freemium offerings is dampening near-term annual recurring revenue though it could create more growth durability over the longer term, BMO adds.