Citi lowered the firm’s price target on Adobe (ADBE) to $490 from $551 and keeps a Neutral rating on the shares. The firm is “slightly cautious” into Adobe’s fiscal Q1 earnings print, citing the softer outlook from Salesforce (CRM) and other front-office names. However, Adobe’s valuation is “less demanding” versus is large-cap peers, the analyst tells investors in a research note.
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