Adobe price target lowered to $600 from $640 at Wells Fargo

Wells Fargo lowered the firm’s price target on Adobe (ADBE) to $600 from $640 and keeps an Overweight rating on the shares. The firm sees a fairly clean setup for Adobe into Q1 and expects investor attention will quickly turn towards Summit afterwards, which it views as the more meaningful catalyst given ongoing AI debate and investor appetite for additional disclosure.