Major Banks Rating | CMB International: Lowers Adobe's target price to $300, maintains "Buy" rating

Glonghui, June 16 — CMB International released a report lowering Adobe’s target price from $350 to $300, corresponding to a 12x FY2026 price-earnings ratio, to reflect intensified competition from AI vendors and changes in management, while maintaining a “Buy” rating. Taking into account the second quarter results and company guidance, the bank raised its revenue forecasts for FY2026–2028 by 2–4%, and its adjusted earnings per share by 4–9%, to $24.4, $27.9, and $32, respectively. The bank believes Adobe’s AI product growth momentum is strong and the valuation remains attractive.