Adobe price target lowered to $587 from $644 at Bernstein

Bernstein lowered the firm’s price target on Adobe (ADBE) to $587 from $644 and keeps an Outperform rating on the shares. The firm notes Adobe delivered an in-line quarter, with the miss on guidance largely explainable by FX. However, stock was down 8.5% after market after having underperformed for more than a year, and the reason, Bernstein believes, is that investors are finding it hard to reconcile company’s bullish AI commentary with soft results and growth guidance.