Adobe (ADBE) Stock Price Target Lowered to $315 by JPMorgan

JPMorgan lowered its price target for Adobe (ADBE) stock from $340 to $315 while maintaining an Overweight rating. Currently valued at a market cap of $116 billion, Adobe's shares are down 63% since reaching all-time highs in late 2021. The company reported total revenue of $6.76 billion for the third quarter, up 12% year over year, and adjusted earnings per share of $6.13, an increase of 15%. Adobe's focus on user acquisition has resulted in a lower fourth quarter revenue outlook, which is significant for investors assessing future performance.