Adobe (ADBE) PT Lowered to $379 at Bernstein SocGen Amid 'Increased Uncertainties'
Bernstein SocGen Group analyst Mark Moerdler lowered the price target on Adobe (NASDAQ: ADBE) to $379.00 (from $447.00) while maintaining an Outperform rating.
The analyst commented: "good quarter, but increased uncertainties; Adobe delivered good results for 2Q and guided above consensus for 3Q, yet the stock was down ~5% after market. We see three factors driving the stock reaction: 1) CFO announced departure by the end of the week, and, coupled with CEO transition announced last quarter, adds more near-term uncertainty; 2) AI disruption concerns continue to weigh on the broader SaaS basket including Adobe; 3) Adobe plans to delay monetization plan to drive customer acquisition/adoption — which could be interpreted as either a positive or negative to ADBE thesis. Overall, while the quarter’s result and guide were good, ADBE faces more near-term overhangs, which makes the stock even more of a show-me story."