Adobe price target lowered by $43 at Citi, here’s why

Citi lowered the firm’s price target on Adobe to $632 from $675 and keeps a Neutral rating on the shares. Against high expectations, Adobe’s Q4 performance was mixed, with a smaller beat versus the last two quarters and a fiscal 2024 outlook that missed consensus, the analyst tells investors in a research note. The firm says perhaps the biggest surprise in Q4 was the incremental disclosure around pricing mechanics which suggested a better Q4 organic growth picture but much worse over the last 12 months.