Adobe (ADBE) PT Lowered to $420 at BMO Capital

BMO Capital analyst Keith Bachmann lowered the price target on Adobe (NASDAQ: ADBE) to $420.00 (from $450.00) while maintaining an Outperform rating following results.

The analyst commented, "Adobe had a very solid Q2 across the board, net of FX. Moreover, Adobe maintained rev and ARR targets for FY22, net of FX and war-related events. All else equal, we think this would have helped support the shares. However, Adobe is guiding Q3 ARR below our/Street estimates, and guiding for significant ARR growth in Q4, which is challenging to reconcile. Given concern around Q4, we are once again lowering our price target to $420, though stay Outperform. We prefer security and PANW more so than Adobe."

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