AMD upgraded, Arm downgraded: Wall Street's top analyst calls

Oppenheimer downgraded Adobe (ADBE) to Perform from Outperform. The firm believes a challenging operating environment during the AI technology transition leading to uninspiring and decelerating top-line-growth, inconsistent execution with product cycles, durability concerns about the moat, lackluster investor interest for owning software names, and won year-over-year operating margin guidance in FY26 will likely weigh negatively on the sentiment for the company's opportunities this year, and limit near-term upside for the shares.