Citi lowered the firm’s price target on Adobe (ADBE) to $450 from $465 and keeps a Neutral rating on the shares. The firm updated the company’s model post the fiscal Q2 results, slightly taking up fiscal 2025 numbers to reflect currency tailwinds and better Dynamic Media revenue performance. The firm says that while Adobe’s comments around early artificial intelligence monetization progress was encouraging, it still struggles to see a “durable AI growth story” with various pricing initiatives that are rolling on and off in fiscal 2025 and “seemingly diminishing” mind and market share of its AI models.
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