Adobe price target lowered to $475 from $525 at UBS

UBS analyst Karl Keirstead lowered the firm’s price target on Adobe (ADBE) to $475 from $525 and keeps a Neutral rating on the shares. The firm’s checks have signaled that the second half of 2024 and Coca-Cola’s (KO) AI-generated holiday ad may prove to be tipping points in terms of acceptance of AI-generated content, the analyst tells investors in a research note. While Coca-Cola and a previous AI-generated ad from Toys “R” Us did not use Adobe AI tools for the content creation, UBS says Adobe “is in the game,” but that the creative AI market is “fiercely competitive.” Both Coca-Cola and Toys “R” Us did use Adobe’s core creative suite for final editing and post-production work, the firm notes.