Adobe price target lowered to $616 from $621 at Citi

Citi lowered the firm’s price target on Adobe to $616 from $621 and keeps a Neutral rating on the shares. The company reported another strong beat in Q3 with some help from favorable large deal timing, the analyst tells investors in a research note. The firm says this was offset by a weaker Q4 digital media net new annual recurring revenue outlook with fiscal year revenue targets slightly lowered. However, Citi does not think the quarter was a “thesis changer.”