Wells Fargo analyst Michael Turrin lowered the firm’s price target on Adobe (ADBE) to $650 from $700 and keeps an Overweight rating on the shares. The firm says the 2025 setup for software is “showing shades” of 2024, leading to questions around if the sector setting up for another first half of the year pullback or more sustained momentum. Wells’ year-end chief investment officer survey suggests “incrementally healthier budget growth” in 2025 versus 2024, with 95% of respondents suggesting budget growth in 2025. Its top 2025 ideas are Microsoft (MSFT), Atlassian (TEAM), and Intuit (INTU) in large-cap, and Monday.com (MNDY), Twilio (TWLO), Confluent (CFLT), and Clearwater Analytics (CWAN) in smid-cap.
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