Adobe price target lowered to $675 from $690 at Wells Fargo

Wells Fargo lowered the firm’s price target on Adobe to $675 from $690 and keeps an Overweight rating on the shares. The Adobe near-term narrative is likely vulnerable due to the Q1 “disappointments,” but the firm ultimately expects to see a bounce back in the second half as new products flow through, the analyst tells investors in a research note. The firm acknowledges that the current competitive conversation feels “frustratingly similar” to a few years ago.