UBS Downgrades Adobe to Neutral, Slashes Price Target by 9.4 Percent

The Adobe logo is displayed on the side of the Adobe Systems headquarters in San Jose, Calif., on Jan. 15, 2010. Justin Sullivan/Getty Images

UBS analyst Karl Keirstead downgraded Adobe Inc to Neutral from Buy with a price target of $575, down from $635. The price target implies a 3.79 percent upside.

UBS rerated on concerns that tech spending was pulled forward in 2020 and 2021 and that this phenomenon will pressure Adobe’s growth rate in 2022.