ADBE Stock Tumbles After Double Downgrade – Adobe Must Nearly Double New Recurring Revenue To Hit Targets, Wells Fargo Says
Wells Fargo downgraded the stock to ‘Underweight’ from ‘Equal Weight’ and cut its price target to $225 from $270. Wells Fargo questioned the quality of Adobe’s projected 10.2% full-year annual recurring revenue growth. The firm estimated that Adobe’s organic net new annual recurring revenue declined by more than 40% in the third quarter. It said … Read more