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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ADBE:
- Adobe price target lowered to $420 from $470 at TD Cowen
- Adobe price target lowered to $375 from $400 at UBS
- Morning Movers: Six Flags jumps as demand rises across portfolio of parks
- Adobe price target lowered to $450 from $475 at Evercore ISI
- Adobe ‘defying the narrative’ of AI posing threat, says DA Davidson