Phillip Securities slashes price targets for ADBE and CRM, while Raymond James initiates Applovin with a Strong Buy rating amid AI sector shifts.
Wall Street analysts downgraded Adobe (ADBE) and Salesforce (CRM) at Phillip Securities, cutting price targets to $203 from $385 and $166 from $270, respectively. The moves reflect growing concerns over valuation and competitive pressures in the software sector.
Raymond James initiated coverage on Applovin with a Strong Buy rating and a $640 target, citing strong growth potential. Meanwhile, B. Riley raised FuelCell Energy’s target to $32, more than doubling its prior estimate. The shifts come as AI-related stocks dominate analyst attention, with Salesforce notably absent from a top-10 AI stock list.
Futures rose on reports of a U.S.-Iran ceasefire, though markets remain cautious ahead of a holiday-shortened week. Gold surged to $4,088, while Bitcoin extended losses, falling nearly 17% for the week.