Adobe (ADBE) shares were down more than 12% in recent Thursday trading after the company issued a fiscal Q1 revenue outlook and fiscal 2025 guidance that missed market expectations, followed by a series of price target cuts from several investment firms.

The company reported fiscal Q4 non-GAAP earnings late Wednesday of $4.81 per diluted share, up from $4.27 a year earlier, and revenue of $5.61 billion, compared with $5.05 billion a year earlier.

For fiscal Q1, Adobe said it expects revenue of $5.63 billion to $5.68 billion. Analysts surveyed by FactSet expect $5.72 billion.

For fiscal 2025, the company said it expects non-GAAP earnings of $20.20 to $20.50 a share on revenue of $23.3 billion to $23.55 billion. Analysts polled by FactSet expect earnings of $20.52 on revenue of $23.78 billion.

Following the release of its earnings report and outlook, investment firms BofA Securities, UBS, Oppenheimer, Piper Sandler, DA Davidson, Deutsche Bank, BMO Capital, and several others lowered their price targets on Adobe stock.

TD Cowen also downgraded its rating on Adobe to hold from buy besides cutting its price target.

Price: 481.71, Change: -68.23, Percent Change: -12.41