Baird lowers Adobe's PT amid choppy macro, marketing challenges
Baird cuts PT on Adobe ADBE.O to $410 from $490, which represents a 4.7% upside from the co's last close
We believe a multiple near the low end is justified due to ongoing macro pressures on Adobe's business as well as increasing competitive threats - Brokerage
Brokerage says Adobe is focusing on AI monetization, converting leads, and merging creative and marketing efforts amid choppy macroeconomic conditions, marketing challenges
Photoshop maker's shares up 0.37% at $392.83 in premarket trading
Adobe on Tuesday said it is rolling out artificial intelligence "agents" that brands can use to help consumers navigate their website
29 of 41 brokerages rate the stock "buy" or higher, 11 "hold" and 1 "sell" or lower; their median PT is $530- LSEG
Stock down ~12% this year, as of last close
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