Adobe price target lowered to $430 from $490 at Citi

Citi lowered the firm’s price target on Adobe (ADBE) to $430 from $490 and keeps a Neutral rating on the shares. The firm says the company’s fiscal Q1 results “were controversial,” as a modest beat was offset by disclosure changes that make core Creative Cloud momentum “even more difficult to discern.” The negative share reaction may reflect less conviction in Adobe’s near-term growth outlook, the analyst tells investors in a research note. Citi sees the company’s Creative Cloud franchise facing slowing growth and increasing competition.