Barclays Downgrades Adobe Inc. to Equal Weight, Cites Below Estimate Net New Annual Recurring Revenue

Barclays downgraded Adobe Inc. (ADBE) stock to "Equal Weight" from "Overweight" with a price objective of $275, citing lower-than-estimated net new annual recurring revenue. However, the firm believes Adobe's success with Acrobat Reader and faster growth in freemium users for products such as Firefly and Express can act in its favor. Adobe reported 13% subscription revenue growth and Q1 2026 cash flow of $2.96 billion, with Q2 2026 revenue and EPS expectations between $6.43 billion - $6.48 billion and $4.35 to $4.40, respectively.