Adobe stock slips on Jefferies downgrade as AI payoff questioned — what to watch next
Jefferies downgraded Adobe to “hold” from “buy” and cut its price target to $400, citing no clear AI-driven growth. Adobe shares closed down 0.5% at $331.56 after hitting $327.51 intraday. The firm warned of rising competition from cheaper AI tools for casual users. Investors await the U.S. December jobs report on Jan. 9 and Adobe’s Q1 earnings call on March 12.