RBC Capital analyst Matthew Swanson lowered the firm’s price target on Adobe (ADBE) to $480 from $530 but keeps an Outperform rating on the shares. Adobe continues to have solid mind-share in generative content tool adoption particularly with professional and prosumer users despite what has become a more crowded landscape, the analyst tells investors in a research note. RBC adds however that its reduced price target on Adobe reflects peer multiple contraction.
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