BMO Capital lowered the firm’s price target on Adobe (ADBE) to $400 from $405 but keeps an Outperform rating on the shares. The competitive environment remains challenging for the company, particularly with lower-end users and AI applications, even as Adobe reported Q4 upside in both net new annual recurring revenue – ARR – and total revenues, with “solid” results against low expectations, the analyst tells investors in a research note. Longer term, AI and Adobe Express can help net new ARR and growth, the firm added.
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