Wells Fargo maintains Overweight on Adobe, lowers target to $250
Wells Fargo maintained an Overweight rating on Adobe but lowered its price target to $250, joining Stifel, Evercore, Keybanc, DA Davidson, and Barclays in reducing targets amid near-term trajectory concerns.
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Adobe Inc faces renewed pressure from Wall Street as multiple firms revised their outlooks on the stock, citing concerns about its near-term trajectory. Wells Fargo analyst Michael Turrin maintained an Overweight rating but lowered the price target from $330 to $250. This follows earlier downgrades by Stifel and Evercore ISI Group, which also reduced their price targets significantly. Additionally, DA Davidson analyst Gil Luria maintained a Buy rating but lowered the price target from $300 to $250. Barclays analyst Saket Kalia also maintains Adobe with an Equal-Weight rating and lowers the price target from $275 to $250. Keybanc analyst Jackson Ader maintained an Underweight rating and lowered the price target from $235 to $195.
Rating and Price Target Changes
Stifel downgraded Adobe from Buy to Hold, reducing the price target from $350 to $200. Similarly, Evercore ISI Group analyst Kirk Materne shifted the rating from Outperform to In-Line and cut the target from $325 to $225. Keybanc's adjustment to $195 represents the lowest target among the firms. DA Davidson's reduction to $250 reflects a more cautious outlook while retaining a positive stance. Barclays' adjustment aligns with the trend of lowered expectations.
| Firm | Analyst | Previous Rating | New Rating | Previous Target | New Target |
|---|---|---|---|---|---|
| Stifel | Parker Lane | Buy | Hold | $350 | $200 |
| Evercore ISI Group | Kirk Materne | Outperform | In-Line | $325 | $225 |
| Keybanc | Jackson Ader | Underweight | Underweight | $235 | $195 |
| DA Davidson | Gil Luria | Buy | Buy | $300 | $250 |
| Barclays | Saket Kalia | Equal-Weight | Equal-Weight | $275 | $250 |
| Wells Fargo | Michael Turrin | Overweight | Overweight | $330 | $250 |
The collective adjustments by Stifel, Evercore, Keybanc, DA Davidson, Barclays, and Wells Fargo signal a more cautious stance on the software giant's future growth.
What specific factors are driving the widespread concern about Adobe's near-term growth trajectory?
How might these revised outlooks impact Adobe's stock performance in the coming months?
Could this downward trend in price targets signal broader challenges for the software sector?
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