Adobe Target Cut to $253, Citi Cites Lack of Sector Catalysts

Citi analyst Tyler Radke lowered the price target for Adobe to $253 from $287. The firm maintained its Neutral rating on the shares.

This adjustment follows Citi’s new underweight recommendation for the application software group. Analysts cite a lack of potential growth catalysts for the sector over the next year.

Adobe shares have declined significantly year-to-date. The stock currently maintains a consensus Hold rating.

Investors are weighing concerns regarding increased competition in the artificial intelligence space. The company is also preparing for a planned CEO transition.