Adobe price target lowered to $350 from $400 at RBC Capital

RBC Capital lowered the firm’s price target on Adobe (ADBE) to $350 from $400 due to peer multiple contraction but keeps an Outperform rating on the shares ahead of Adobe Summit event. The firm believes that the management will focus on the company’s ecosystem, the analyst tells investors in a research note. RBC adds that while it continues to feel that investor sentiment needs to see annual recurring revenue re-acceleration, ROI is the core of the GenAI value proposition and should be the central focus of the event.