Baird lowers Adobe's PT amid choppy macro, marketing challenges

** Baird cuts PT on Adobe ADBE.O to $410 from $490, which represents a 4.7% upside from the co's last close

** We believe a multiple near the low end is justified due to ongoing macro pressures on Adobe's business as well as increasing competitive threats - Brokerage

** Brokerage says Adobe is focusing on AI monetization, converting leads, and merging creative and marketing efforts amid choppy macroeconomic conditions, marketing challenges

** Photoshop maker's shares up 0.37% at $392.83 in premarket trading

** Adobe on Tuesday said it is rolling out artificial intelligence "agents" that brands can use to help consumers navigate their website

** 29 of 41 brokerages rate the stock "buy" or higher, 11 "hold" and 1 "sell" or lower; their median PT is $530- LSEG

** Stock down ~12% this year, as of last close