Adobe (ADBE), the software maker behind Photoshop and Acrobat, beat earnings estimates for its May quarter and lifted its full-year guidance.

However, the company told Wall Street that it would grow a bit more slowly this year, even as it reported record sales.

Investors sold ADBE on the news, pushing the stock to its lowest level in a year.

The reason for Adobe’s slow growth projection is tied to a bet the company is making on how customers will use its artificial intelligence tools.

JPMorgan reset its ADBE target because of it.

Why JPMorgan cut its Adobe price target after a strong quarter

JPMorgan lowered its price target on Adobe to $340 from $420 while keeping its Overweight rating, which means the firm…