On September 16, Adobe fell 3.04% in regular trading, trading at $249.935/share, with turnover of $671 million. The decline came as multiple Wall Street firms cut their target prices on the stock, compounding pressure from a softer-than-expected fourth-quarter revenue guidance.

Although Adobe posted strong fiscal Q3 results — revenue of $6.76 billion (up 13% YoY) and adjusted EPS of $6.13, both exceeding consensus — the Q4 revenue guidance midpoint of $6.825 billion fell short of analysts' estimate of $6.84 billion. Several major institutions recently lowered their price targets: Citigroup slashed its target from $301 to $250, JPMorgan reduced from $340 to $315, while Goldman Sachs raised its target modestly to $200 but maintained a Sell rating. Additionally, OpenAI has barred Adobe from placing ads for competing AI products such as Firefly on the ChatGPT platform, adding to concerns about Adobe's AI competitive positioning and long-term growth trajectory.

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