Adobe Systems Incorporated (ADBE) shares experienced a sharp decline of 6.69% intraday, trading at $273.76, amidst broader tech sector pressure and recent negative analyst sentiment.
- The decline is primarily driven by broader market pressure (hawkish Fed signals and AI investment concerns), exceeding the NASDAQ Composite's -1.29% drop, as there was no ADBE-specific major news today.
- Recent negative analyst actions include UBS lowering its price target from $375 to $340 and Baird lowering its target from $410 to $350.
- BMO Capital recently downgraded ADBE to Market Perform (from Outperform), specifically citing rising competition in creative software.