Citigroup maintains Neutral on Adobe, lowers target to $228
Citigroup analyst Tyler Radke maintained a Neutral rating on Adobe and lowered the price target to $228 from $264. This follows similar downward revisions by other firms, including Goldman Sachs, Jefferies, and TD Cowen, amid a broader sector recalibration.
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Multiple analysts have revised their price targets for Adobe (NASDAQ: ADBE) downward, reflecting a more conservative near-term outlook for the stock. Citigroup analyst Tyler Radke has maintained a Neutral rating while lowering the price target to $228 from $264. This adjustment follows a broader trend of revised valuations across the sector as firms recalibrate expectations.
Rating and Price Action
The decision to maintain ratings ranging from Sell to Outperform suggests varied perspectives on upside potential relative to the new price targets. Goldman Sachs analyst Gabriela Borges has maintained a Sell rating while lowering the price target to $190 from $220. Jefferies analyst Brent Thill has maintained a Hold rating while lowering the price target to $230 from $290. TD Cowen analyst Derrick Wood has kept a Hold rating and reduced the target to $245 from $285. Mizuho analyst Gregg Moskowitz has maintained a Neutral rating with a price target cut to $245 from $270. UBS analyst Karl Keirstead has also maintained a Neutral rating, reducing the target from $260 to $225.
Bernstein analyst Mark Moerdler has maintained an Outperform rating while lowering the price target to $379 from $447. JP Morgan analyst Arti Vula has kept an Overweight rating with a target cut to $340 from $420. RBC Capital analyst Matthew Swanson has maintained an Outperform rating, lowering the target to $285 from $350. BMO Capital analyst Keith Bachman has maintained a Market Perform rating while reducing the target from $285 to $230. Citizens analyst Patrick Walravens has reiterated a Market Perform rating, reflecting steady expectations.
| Firm | Analyst | Rating | Price Target Change |
|---|---|---|---|
| Citigroup | Tyler Radke | Neutral | $264 to $228 |
| Goldman Sachs | Gabriela Borges | Sell | $220 to $190 |
| Jefferies | Brent Thill | Hold | $290 to $230 |
| TD Cowen | Derrick Wood | Hold | $285 to $245 |
| Mizuho | Gregg Moskowitz | Neutral | $270 to $245 |
| UBS | Karl Keirstead | Neutral | $260 to $225 |
| Bernstein | Mark Moerdler | Outperform | $447 to $379 |
| JP Morgan | Arti Vula | Overweight | $420 to $340 |
| RBC Capital | Matthew Swanson | Outperform | $350 to $285 |
| BMO Capital | Keith Bachman | Market Perform | $285 to $230 |
| Citizens | Patrick Walravens | Market Perform | Unchanged |
What specific factors are driving the sector-wide recalibration of valuations for software stocks?
How might Adobe's upcoming earnings report influence further adjustments to price targets?
What impact could these revised outlooks have on investor sentiment toward the tech sector in the near term?
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