Adobe price target raised to $465 from $430 at Citi

Citi raised the firm’s price target on Adobe (ADBE) to $465 from $430 and keeps a Neutral rating on the shares. The firm is heading into Adobe’s fiscal Q2 earnings print “with mixed views.” The company continues to lose share on Creative Cloud as it leans into artificial intelligence-driven price hikes on its core creative professional base to offset slower monetization down-market amid fiercer competition versus Canva and other casual photo/video-editing freemium apps, the analyst tells investors in a research note. On the other hand, Citi says strong web traffic signals confirmed positive partner commentary on Adobe’s digital experience side and suggests continued momentum with enterprises. It expects the shares to stay range-bound until Adobe demonstrates better Creative Cloud trends or more meaningful generative AI monetization.