Adobe price target lowered to $620 from $640 at Mizuho

Mizuho lowered the firm’s price target on Adobe (ADBE) to $620 from $640 and keeps an Outperform rating on the shares. Adobe reported a solid fiscal Q4 as net new Digital Media annual recurring revenue of $578M surpassed the $550M guidance, although many investors believed the company would do slightly better than that, the analyst tells investors in a research note. The firm says Adobe initiated a conservative fiscal 2025 outlook. While Adobe has been a “frustrating stock” for much of fiscal 2024, Mizuho remains confident the company will significantly monetize its generative artificial intelligence innovations going forward.