Barclays lowered the firm’s price target on Adobe (ADBE) to $645 from $675 and keeps an Overweight rating on the shares. The company reported net new annual recurring revenue of $578M, about inline with Barclays’ upside scenario of $575M, the analyst tells investors in a research note. The firm says the 11% ARR guide is also inline with expectations, but revenue came in $300M lower. The firm likes the idea of tiered FireFly offerings to better monetize the diverse customer base of professional and casual users.
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Read More on ADBE:
- Adobe Reports Record Revenue and Strong Growth
- Closing Bell Movers: Adobe down over 8% on guidance shortfall
- Adobe sees FY25 tax rate 18.5%
- ADBE Earnings: Adobe Sinks as Soft Guidance Overshadows Q4 Beat
- Adobe reports Q4 EPS $4.81, consensus $4.67
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