Adobe CEO Shantanu Narayen speaks throughout an interview with CNBC on the ground on the New York Inventory Trade in New York Metropolis, Feb. 20, 2024.Brendan Mcdermid | ReutersAdobe shares fell 13% on Friday morning after the corporate reported first-quarter outcomes that beat estimates however delivered a light-weight quarterly income forecast.The design software program firm posted adjusted earnings per share of $4.48, above the $4.38 analysts had been anticipating, based on LSEG, previously often known as Refinitiv. Its income of $5.18 billion exceeded the $5.14 billion analysts estimated.For the present quarter, Adobe expects adjusted earnings per share of $4.35 to $4.40, whereas analysts had been anticipating $4.38. It mentioned income will complete $5.25 billion to $5.30 billion, barely beneath the $5.31 billion estimated. The corporate additionally introduced a $25 billion share buyback.Adobe additionally just lately launched a synthetic intelligence assistant for its Reader and Acrobat functions that may assist customers digest data from lengthy PDF paperwork.Financial institution of America analysts lowered their worth goal for Adobe shares to $640 from $700 and reiterated their purchase score of the inventory, expressing optimism about Firefly, the corporate’s generative AI picture creation instrument.”No change to our view that Adobe is a significant AI beneficiary,” the analysts wrote in an investor notice Thursday. “Whereas the monetization ramp is slower than anticipated, Firefly is among the [most] extensively used generative AI choices, with potential for a number of paths to monetization.”Barclays dropped its worth goal for shares of Adobe to $630 from $700 whereas sustaining an obese score for the inventory. Its analysts wrote Friday that they count on the inventory to get well and “could be shopping for this dip as a result of pricing is masking the underlying energy in Inventive Cloud.”Analysts at Morgan Stanley saved their obese score and $660 worth goal on Adobe inventory, writing Friday that “extra persistence is probably going warranted.””A smaller than anticipated beat in Digital Media Web New ARR seemingly will increase investor considerations round aggressive pressures,” the analysts wrote. “Nonetheless a rising variety of vectors for monetizing GenAI and new monetizable options coming on-line in 2H24 ought to assist enhance the narrative going ahead.”— CNBC’s Jordan Novet contributed to this report.