富国银行双降Adobe至低配、上调Tyler至超配，盘前Adobe跌约2.7%、Tyler涨约2%

Adobe ( ADBE ) and Tyler Technologies ( TYL ) were in the spotlight on Wells Fargo on Monday as the investment firm double-downgraded the former and upgraded the latter. Adobe shares fell 2.6% in premarket trading, while Tyler was up 2.5%. “Key points to our downgrade [include]: 1) 3Q results suggest cracks starting to show, steep 4Q ramp looks difficult (4Q NNARR needs to ~2x q/q); 2) See incremental risk to prelim FY27 guide, given lack of price increase & ongoing mgmt transition (CEO + CFO); 3) CIO survey suggests ADBE clear budget share loser in AI eval cycle; 4) competitive intensity in core creative business increasing at an inopportune time given elevated risks,” Wells Fargo analyst Michael Turrin wrote in a note to clients regarding the Adobe downgrade. He lowered his rating on Adobe to Underweight from Overweight and cut his price target to $225 from $270. For Tyler, Turrin upgraded shares to Overweight from Equal-Weight because a “majority” of the company's headwinds from bookings in 2025 are “transitory” and 2027 “presents room for reversion.” The analyst also said Tyler is one of the more “AI-resilient/insulated from broader market impacts,” and its valuation is “well below” historical norms and its software peers. He upped his price target to $400 from $335. In addition to the ratings changes on Adobe and Tyler, Turrin upped his price targets on ServiceNow ( NOW ) ($190 from $175), Palo Alto Networks ( PANW ) ($525 from $475), and CrowdStrike ( CRWD ) ($300 from $235). He also lowered it on Figma ( FIG ) ($30 from $34).