KeyBanc lowered the firm’s price target on Adobe (ADBE) to $390 from $450 and keeps an Underweight rating on the shares following a bit of a mixed bag for the company in the quarter. There was upside to the headline metrics like total revenue and non-GAAP EBIT margin, and guidance for the year was reiterated, “certainly better” than what KeyBanc had heard from other, more cyclical firms of late, which it at least views as positive. While the firm’s estimates are mostly unchanged, it sees more uncertainty in the business through the remainder of the year and is lowering its assumed multiple in its DCF.
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