Oppenheimer lowered the firm’s price target on Adobe (ADBE) to $530 from $560 and keeps an Outperform rating on the shares. The firm notes Adobe’s Q1 results were mostly consistent with recent quarters, and show weakness in the new Digital Media ARR, smaller beat magnitudes, and soft next quarter guidance. Positively, the company enhanced its model transparency this quarter by disclosing the size of its AI-specific SKUs and trajectory this calendar year, and breaking out subscription revenue by customer segment, Oppenheimer adds.
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