Adobe price target lowered to $330 from $405 at Wells Fargo

Wells Fargo lowered the firm’s price target on Adobe (ADBE) to $330 from $405 and keeps an Overweight rating on the shares. NNARR below expectations and surprise CEO transition likely put Adobe back in the penalty box after an encouraging Q, the firm says. Wells believes that the key next questions tie back to AI consumption’s ability to offset headwinds, which looks necessary to reach ROY ARR.