Adobe price target lowered to $530 from $550 at RBC Capital

RBC Capital analyst Matthew Swanson lowered the firm’s price target on Adobe (ADBE) to $530 from $550 and keeps an Outperform rating on the shares. The company delivered solid Q1 results as well as multiple new metrics to try and assist with the transparency investors have been looking for, with the focus now turning to Summit next week where Adobe management should build on its new disclosures, particularly on GenAI monetization, the analyst tells investors in a research note. RBC adds however that its price target cut reflects peer multiple compression.