Wolfe Research analyst Alex Zukin has downgraded Adobe from Outperform to Peer Perform. The adjustment signals a shift in the firm's expectations regarding the company's stock performance relative to its industry peers.

Rating Details

The downgrade moves Adobe's rating from Outperform to Peer Perform. This change indicates that the stock is now expected to perform in line with its competitors rather than outpacing them.

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.

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.