Oppenheimer lowered the firm’s price target on Adobe (ADBE) to $500 from $530 on group multiples compression, while keeping an Outperform rating on the shares. The firm notes Adobe’s Q2 results were above consensus estimates. Positively, the AI-derived ARR is ramping and tracking ahead of the 2025 plan, a creative cloud pricing cycle is starting, investor expectations are low, and Adobe estimates are rising.
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