Adobe price target lowered to $644 from $660 at Bernstein

Bernstein analyst Mark Moerdler lowered the firm’s price target on Adobe to $644 from $660 and keeps an Outperform rating on the shares. Adobe’s Q3 had a decent beat across most major metrics, but provided “underwhelming” Q4 guidance, the analyst tells investors in a research note. While Q3 results delivered, the weak Q4 guidance was a disconnect and explanations on the call provided little assuage, the firm says. While some factors such as FX and macro are beyond management control, given the complexity of the business, management should put in more effort to lay out as many meaningful factors ahead of time to avoid issues that would cause unnecessary concerns or nervousness about the stock, Bernstein says.