Adobe Inc. (NASDAQ: NASDAQ:ADBE) reported earnings results for its third quarter and issued Q4 sales guidance below estimates.
The company also announced it will acquire Figma for approximately $20 billion in cash and stock.
Adobe shares dipped 16.8% to close at $309.13 on Thursday, and fell another 2.1% in pre-market trading today.
These two analysts made changes to their price targets on Adobe today.
- Baird cut the price target on the stock from $450 to $355. Baird analyst Rob Oliver also downgraded the stock from Outperform to Neutral.
- Piper Sandler lowered price target on the stock from $430 to $358. Piper Sandler analyst Brent Bracelin maintained Adobe with an Overweight.
- B of A Securities reduced the price target on the stock from $450 to $350. B of A Securities analyst Brad Sills also downgraded the stock from Buy to Neutral.
- Barclays (LON:BARC) cut the price target on the stock from $440 to $340. Barclays analyst Saket Kalia downgraded the stock from Overweight to Equal-Weight.
- Deutsche Bank (ETR:DBKGn) lowered Adobe’s price target from $500 to $400. Deutsche Bank analyst Brad Zelnick maintained a Buy rating on the stock.
- Mizuho cut Adobe’s price target $440 to $360. Mizuho analyst Gregg Moskowitz maintained the stock with a Neutral.
- RBC Capital lowered price target on the stock from $500 to $425. RBC Capital analyst Matthew Hedberg maintained Adobe with an Outperform.
- Wolfe Research cut price target on the stock from $470 to $340. Wolfe Research analyst Alex Zukin maintained Adobe with an Outperform.
- Morgan Stanley (NYSE:MS) lowered the price target on the stock from $362 to $337. Morgan Stanley analyst Keith Weiss maintained Adobe with an Equal-Weight.
- Stifel lowered price target on the stock from $500 to $375. Stifel analyst Parker Lane maintained a Buy rating on Adobe.
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