Adobe price target lowered to $600 from $650 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Adobe (ADBE) to $600 from $650 and keeps a Buy rating on the shares. The firm says “there were many very important and positive updates” coming away from the fiscal Q4 results. However, some are tp be likely lost in the messaging and noise around the company’s guidance which implies a more backend loaded fiscal 2025, the analyst tells investors in a research note. The firm says that while management indicated the growth is healthier than it appears given allocations of Document Cloud skewing the compare and Cyber Monday landing outside the quarter this year, not quantifying these impacts “along with an ambiguous progression next year fuels bear narratives around the health of core Creative.”