Adobe well positioned for slower software market growth, says DA Davidson

DA Davidson analyst Gil Luria keeps a Neutral rating and $350 price target on Adobe after its Q1 results. The company is well positioned for slower software market growth in 2023, and the Figma acquisition represents a good strategic fit, though the limited upside to guidance, some continued uncertainty around Figma, and dilution are keeping DA Davidson at neutral, the analyst tells investors in a research note.