Adobe drops as CFO departure tempers outlook raise
BUZZ-Adobe drops as CFO departure tempers outlook raise
** Shares of Photoshop-maker Adobe ADBE.O fall 5.2% to $207.38 in premarket trading
** Co announced CFO Dan Durn’s exit, raising concerns about its strategy in a crowded design market, despite raising its annual revenue and profit forecasts
** Co forecasts fiscal 2026 revenue of $26.5 billion to $26.6 billion, up from its earlier outlook of $25.9 billion to $26.1 billion
** Analysts at RBC Capital Markets say ADBE posted solid headline results, but the departure of CFO Dan Durn and uncertainty around organic ARR guidance have raised concerns about the stock's stability
** Following the results, at least 12 brokerages cut price target on the stock, according to data compiled by LSEG
** 13 of 38 brokerages rate the stock "buy" or higher, 22 "hold" and 3 "sell" or lower; their median PT is $279.1 - LSEG-compiled data
** As of last day's close, stock down 37.4% YTD
(Reporting by Kanishka Ajmera in Bengaluru)
((mail to: Kanishka.Ajmera@thomsonreuters.com))