Adobe’s stock drops as potential block on Figma deal raises concerns about growth
Adobe Inc. shares dropped Friday as Wall Street assessed a potential new roadblock to the software company’s $20 billion acquisition of privately held interactive-design platform Figma.
Late Thursday, Bloomberg News reported that the Department of Justice was preparing a lawsuit that could be filed as early as next month against the Figma acquisition, and that Adobe ADBE met with DOJ officials the same day, according to unnamed sources close to the matter. MoffettNathanson analyst Sterling Auty, who has a market-perform rating and a $360 price target on Adobe, said in a Friday note that while the deal is expensive and will be a drag on margins initially, “in our view this deal shaves two years off the development roadmap to bring Creative Cloud to the cloud.
Mizuho desk analyst Jordan Klein said that while he leans positive toward Adobe, he sees limited catalysts for any real upside in the near term, and the uncertainty around Figma doesn’t help. From December: Cloud software is a ‘fight for a knife in the mud,’ and Wall Street is souring on the one sector that was winning
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