RBC Capital analyst Matthew Swanson lowered the firm’s price target on Adobe (ADBE) to $550 from $590 and keeps an Outperform rating on the shares ahead of its Q1 earnings. The firm anticipates “solid” results and believes that stabilizing sentiment has primarily been driven by investor perception around GenAI, which has become increasingly interconnected with concerns around competition, the analyst tells investors in a research note. RBC adds that its reduced price target reflects peer multiple contraction.
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