Adobe price target lowered to $590 from $610 at RBC Capital

RBC Capital analyst Matthew Swanson lowered the firm’s price target on Adobe (ADBE) to $590 from $610 and keeps an Outperform rating on the shares. The company’s Q4 results were solid with record Digital Media net-new annual recurring revenue, but also saw less upside than in recent quarters, the analyst tells investors in a research note. Remaining Performance Obligations – RPO – growth of 16% continues to align with commentary around enterprise strength and record quarter for Experience Cloud bookings, but the management’s guidance was below expectations as investors look for more visibility into GenAI traction, RBC adds.