Adobe price target lowered to $460 from $530 at Mizuho

Mizuho analyst Gregg Moskowitz lowered the firm’s price target on Adobe (ADBE) to $460 from $530 and keeps an Outperform rating on the shares ahead of the fiscal Q3 report on Thursday. While investor sentiment on Adobe remains very negative, Mizuho’s enterprise checks for the quarter were good, highlighted by strong large-deal activity, the analyst tells investors in a research note. However, the firm says the company’s web traffic growth continues to struggle. It thinks Adobe will report modest upside to revenue estimates and finds the stock’s current valuation as “very attractive.”