🔴 ADBE is trading 7.1% down today on longtime CEO exit and analyst downgrades

ADBE is trading at $250.62 (-7.10%) following the announcement that longtime CEO Shantanu Narayen will step down after 18 years.

• The departure was announced alongside Q1 earnings results, which beat expectations with $6.4B in revenue and $6.06 EPS.
• Analysts at Morgan Stanley, Wells Fargo, and Barclays slashed price targets, citing leadership uncertainty and weak net new ARR.