Adobe price target lowered to $450 from $475 at Evercore ISI

Group 1 - Evercore ISI analyst Kirk Materne lowered the price target on Adobe (ADBE) to $450 from $475 while maintaining an Outperform rating on the shares [1] - Adobe reported solid fiscal 3Q results with revenue, NNARR, and EPS all exceeding expectations, indicating significant progress in various initiatives [1] - The current market valuation suggests skepticism towards Adobe's long-term growth, with a sentiment shift unlikely until revenue stabilizes or new metrics addressing competition and AI risks are provided [1]