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Adobe (ADBE) stock is being unloaded on Tuesday morning after a senior Morgan Stanley analyst downgraded the multinational software giant to “Underweight.” In his research note, Adam Wood also announced a fresh $240 price target on ADBE, downwardly revised from $365, signaling a lack of significant upside from its previous close.
The bearish calls add to pressure on Adobe shares, which are already down more than 30% year-to-date at the time of writing.
