KeyBanc downgraded Adobe (ADBE) shares on December 15, 2025, moving the rating to "Underweight" from "Sector Weight." The firm set a price target of $310.
KeyBanc attributed the downgrade to growing concerns over competitive pressures that could weigh on stock performance. The firm noted that the market's lukewarm response to Adobe's recent positive financial results and outlook indicated these underlying challenges. This bearish view emerged despite Adobe reporting strong fourth-quarter earnings the prior week.
This assessment contrasts with BMO Capital. BMO Capital maintained its "Outperform" rating but lowered its price target to $400 on the same day.
Separately, Adobe announced a deepened collaboration with Amazon. The partnership focuses on integrating AI into creative and marketing tools.