Piper Sandler lowered the firm’s price target on Adobe (ADBE) to $470 from $500 and keeps an Overweight rating on the shares. The firm cites lower growth assumptions and a lower 2029 EV/free cash flow multiple of 22x based on AI uncertainty, a model that is in the early innings of a product transition, and broader transformation to AI-influenced product suite. New product momentum across Firefly, AI Assistant, Express, and GenStudio contributed to another solid quarter, evident by the $88M top-line beat, Piper notes.
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