Stifel lowered the firm’s price target on Adobe (ADBE) to $480 from $525 and keeps a Buy rating on the shares. Adobe shares “jumped around post-print,” but settled down 1.5%, notes the analyst, who believes the “primary sticking point for investors” was a consistent outlook for Digital Media ARR despite the quarterly beat and upbeat commentary around numerous product categories and features. The company disclosed standalone AI ARR is tracking ahead of its $250M end-of-year target, which the firm sees as a positive signal of the company’s ability to drive adoption and monetization for generative AI tools and packages, the analyst added.
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