Wall Street is adjusting its expectations for Adobe after the software giant delivered a mixed earnings report that raised more questions than it answered about the company’s near-term growth trajectory.

Citi analyst Tyler Radke lowered his price target on Adobe (ADBE) to $228 from $264, while keeping a neutral rating on the stock, according to a report from The Fly.

While Radke described the quarterly numbers as “relatively solid,” he flagged “more signs of disruption” ahead, noting an implied $500 million cut to Adobe’s fiscal 2026 organic annual recurring revenue (ARR) outlook.

The analyst cut his estimates following the earnings print.

Adobe reported strong numbers in Q2

Adobe posted record revenue of $6.62…