Adobe price target lowered to $400 from $450 at Stifel

Stifel lowered the firm’s price target on Adobe (ADBE) to $400 from $450 and keeps a Buy rating on the shares. Adobe’s fiscal Q1 print was “relatively positive across the board,” but the company’s 18-year CEO Shantanu Narayen announcing his upcoming transition out of the role and the lack of a full-year raise and ARR deceleration weighed on shares after-hours, the analyst tells investors. However, the firm continues to view Adobe as well-positioned in the emerging creative AI space and believes AI has “opened the door for deeper connections between the creativity and productivity/marketing segments,” the analyst added.