JPMorgan lowered its price target on Adobe stock to $315 from $340, while keeping an Overweight rating on the shares. The firm noted that Adobe's fiscal third quarter results were "robust and beat expectations modestly," but its fourth quarter revenue outlook came in modestly below consensus. JPMorgan tied the softer guidance to Adobe's ongoing focus on user acquisition rather than pricing, and also pointed to an expected slowdown in revenue growth in fiscal 2027. Despite this, the firm argued the shares are now inexpensive and offer a "low bar for upsides to the share price from a recovery in monetization."