Morgan Stanley analyst Keith Weiss lowered the firm’s price target on Adobe (ADBE) to $425 from $450 and keeps an Equal Weight rating on the shares following what the firm calls “a solid set of in-quarter results in Q4,” including revenue and margins coming in ahead of the Street by about 130 basis points and about 20 points, respectively. Despite adoption and usage momentum, FY26 guidance continues to reflect a decelerating growth trend, notes the analyst, who awaits greater evidence of an improvement in the growth trajectory to “quell AI competition concerns.”
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