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Adobe downgraded to neutral at UBS on concerns that spending was pulled forward

Economy, Finance

Adobe was downgraded to neutral from buy at UBS, with its price target reduced to $575 from $635. Analyst Karl Keirstead said after speaking with 14 large enterprise IT executives and services partners of Adobe, he’s worried that spending was pulled forward in 2020 and 2021, which will pressure its growth rate this year. The risk of disappointing beats, or even a miss, is “not insignificant.” Adobe shares have gained 14% over the last 52 weeks, compared to a 29% rise for the S&P 500 over the same timeframe.

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