Adobe (ADBE) PT Lowered to $528 at BofA Securities

BofA Securities analyst Brad Sills lowered the price target on Adobe (NASDAQ: ADBE) to $528.00 (from $605.00) while maintaining a Buy rating.

The analyst comments: "Q1 results and outlook suggest little change to the trajectory of the creative and digital experience businesses. However, ramping adoption metrics coupled with a disclosure for AI revenue suggest that Adobe is on a path to better Firefly monetization. Our February Cloud Views report validates meaningfully better usage of Firefly (6 million MAU, up from 4.5 million in January). We reiterate our Buy rating, though lower PO to $528 from $605 for multiple compression across the software group. Our new PO is based on 23x C26e FCF (25x prior) or 1.6x adjusted for 14% 2-year CAGR, in line with the large cap group. We revise our estimates per guidance."

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