Wells Fargo cut Adobe to Underweight as Adobe stock fell 1.91 percent

Published on 10/13/2026 at 11:11 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Wells Fargo cut Adobe to Underweight and set a USD 225 target on October 12, 2026. Adobe stock is EUR 210.10 on October 13, 2026, below EUR 214.20.

Key points in brief

Wells Fargo cut Adobe to Underweight and reduced its price target from USD 270 to USD 225 on October 12, 2026.
Adobe reported fiscal third-quarter revenue of USD 6.76 billion, up 12.90 percent year over year.
The Lang & Schwarz price was EUR 210.10 on October 13, 2026, 1.91 percent below the October 12 Xetra close of EUR 214.20.
Adobe's fourth-quarter fiscal 2026 revenue outlook is USD 6.80 billion to USD 6.85 billion, with results scheduled for December 9, 2026.

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Adobe Inc. (ISIN US00724F1012) was trading at EUR 210.10 at Lang & Schwarz on October 13, 2026, at 11:06 a.m. CEST, 1.91 percent below the Xetra close of October 12, 2026, at EUR 214.20. On October 12, 2026, TradingPedia reported that Wells Fargo cut Adobe from Overweight to Underweight and reduced its price target from USD 270 to USD 225.

Downgrade puts AI growth under review

The target cut followed concerns about AI budget shifts, subscription growth and Adobe's ability to convert freemium users into durable paid revenue. Investing.com said on October 12, 2026, that Wells Fargo also modeled negative growth in new annual recurring revenue for fiscal 2027 and about 7.00 percent total annual recurring revenue growth, below consensus above 8.00 percent.

Three dated Adobe milestones

On September 10, 2026, Adobe reported fiscal third-quarter revenue of USD 6.76 billion, up 12.90 percent year over year, while adjusted earnings per share reached USD 6.13 against USD 6.09 consensus. On October 12, 2026, the Wells Fargo action set a USD 225 target after a cut from USD 270. The same report cited Adobe's planned CEO transition on December 1, 2026, adding a management date to the stock's near-term calendar.

What does the downgrade test?

The immediate test is Adobe's fourth-quarter execution. 24/7 Wall St. reported on October 12, 2026, that Adobe guided fourth-quarter fiscal 2026 revenue to USD 6.80 billion to USD 6.85 billion and subscription revenue to USD 6.58 billion in the fiscal third quarter. That comparison matters because the latest quarter still delivered double-digit revenue growth, while the downgrade focused on the quality and durability of future growth.

Dates and valuation frame

Adobe's next scheduled earnings release is December 9, 2026, after-hours, according to Investing.com on October 12, 2026. The company is also scheduled for a CEO transition on December 1, 2026, with Anil Chakravarthy set to take over from Shantanu Narayen, according to the October 12 report.

The current EUR 210.10 quote sits inside the EUR 165.64 to EUR 316.00 52-week range as of October 13, 2026. Adobe's market capitalization was EUR 83.6 billion on the same date, giving the target cut a market context without mixing the euro quote with Wells Fargo's USD target.

Adobe stock stays below the Xetra close

Adobe stock was trading at EUR 210.10 at Lang & Schwarz on October 13, 2026, at 11:06 a.m. CEST, 1.91 percent below the Xetra close of October 12, 2026, at EUR 214.20. Its primary listing is Nasdaq in USD, while the German investor reference quote is stated in EUR.

The further course of trading is shown by the continuously updated real-time quote of Adobe stock.