Adobe price target lowered to $610 from $660 at BMO Capital

BMO Capital lowered the firm’s price target on Adobe to $610 from $660 but keeps an Outperform rating on the shares. The company reported a “modest” net new annual recurring revenue beat, though investors expressed disappointment with no raise to the full-year guide, the analyst tells investors in a research note. BMO adds however that Adobe’s current valuation is “compelling and encouraging”.