Adobe price target lowered to $400 from $430 at RBC Capital

RBC Capital analyst Matthew Swanson lowered the firm’s price target on Adobe (ADBE) to $400 from $430 and keeps an Outperform rating on the shares. The company saw a solid start to 2026 as the management continues to work on a strategic narrative around GenAI, providing additional breakouts, though until total annualized recurring revenue starts to re-accelerate, investor input remains “skeptical” on the net impact, the analyst tells investors in a research note.