Adobe price target lowered to $645 from $675 at Barclays

Barclays lowered the firm’s price target on Adobe (ADBE) to $645 from $675 and keeps an Overweight rating on the shares. The company reported net new annual recurring revenue of $578M, about inline with Barclays’ upside scenario of $575M, the analyst tells investors in a research note. The firm says the 11% ARR guide is also inline with expectations, but revenue came in $300M lower. The firm likes the idea of tiered FireFly offerings to better monetize the diverse customer base of professional and casual users.