Adobe's stock has been down 31% year to date and trading near $245. However, Mizuho, one of the last major bulls on Wall Street, has changed its mind and has reset its stock price target for the rest of 2026. The firm downgraded Adobe to Neutral from Outperform and cut its price target to $270 from $315. The downgrade was made on the same day Mizuhon upgraded CrowdStrike. Mizuhono sees increasing pressure on Adobe in the prosumer and small business segments due to lower-cost creative tools and newer AI-native platforms. The company's growth forecast for the next two to three years is expected to land in the high single digits, a significant step down from the double-digit growth trajectory Adobe investors have historically relied on. Despite these compressed multiples, Mizupho does not believe Adobe is cheap enough to buy.