Adobe price target lowered to $590 from $616 at Citi

Citi lowered the firm’s price target on Adobe (ADBE) to $590 from $616 and keeps a Neutral rating on the shares. The firm says sentiment into Adobe’s fiscal Q4 is mixed on the heels of a more controversial Q3 where a weaker outlook suggested the core business is facing continued revenue leakage, exacerbated by macro and competitive headwinds. However, Citi thinks investor expectations for fiscal 2025 annual recurring revenue are relatively low and expects an initial guide in-line with lower expectations.