Adobe price target lowered to $600 from $635 at Piper Sandler

Piper Sandler lowered the firm’s price target on Adobe (ADBE) to $600 from $635 and keeps an Overweight rating on the shares. The firm says the company’s reported solid Q4 results were overshadowed by tepid guidance. Piper’s thesis that accelerating subscription and cRPO backlog growth metrics could spark a narrative shift on Adobe was “too premature and optimistic,” the firm adds.