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Why Adobe Stock Fell Nearly 8% Today

TheMotleyFool

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Why Adobe Stock Fell Nearly 8% TodayPhoto, wide shot, wide-angle lens, Computer hardware manufacturer, Midday, harsh overhead sunlight, directional sunlightt, photo by Marc Adamus: https://img.theapi.app/temp/012f8213-0bd1-4831-98f2-6d5fae956d6a.png

Shares of creativity software leader Adobe (NASDAQ: ADBE) were down by 7.6% as of 12:30 p.m. ET Tuesday. The culprit may have been JPMorgan Chase (NYSE: JPM) stock analyst Sterling Auty, who downgraded the stock to neutral and put a $680 one-year price target on it. Adobe and some of its software peers were hit by the prognosticator's view that there will be limited upside for them in 2022.

For the record, though, after Tuesday morning's slide, a $680 price target still implies some 12% upside from where Adobe is now trading.

Image source: Getty Images.

Source Fool.com

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