Adobe Inc. (ADBE) delivered a clean earnings beat on Thursday, but that wasn't enough to stop analysts from dialing back their expectations.

The software company reported fourth-quarter earnings of $5.50 per share, topping the analyst estimate of $5.39. Revenue came in at $6.19 billion, beating the Street's $6.11 billion forecast and marking a healthy jump from $5.61 billion in the same quarter last year.

More importantly, Adobe raised its outlook for fiscal 2026, projecting GAAP EPS between $17.90 and $18.10. That's well above the $16.56 consensus estimate, suggesting the company sees real momentum ahead.

"Adobe's record FY2025 results reflect our growing importance in the global AI ecosystem and the rapid adoption of our AI-driven tools," said Shantanu Narayen, CEO of Adobe. "By advancing our innovative generative and agentic platforms and expanding our customer base, we are excited to target double-digit ARR growth in FY2026."

Adobe shares climbed 3.7% to trade at $355.93 on Thursday, which seems like the appropriate response to beating estimates and raising guidance.

But here's where it gets interesting. Even with those solid results, several analysts decided to trim their price targets:

• Wolfe Research analyst Alex Zukin maintained Adobe with an Outperform rating but lowered the price target from $450 to $440.
• Morgan Stanley analyst Keith Weiss kept the stock at Equal-Weight and dropped the price target from $450 to $425.
• TD Cowen analyst J. Derrick Wood maintained Adobe with a Hold rating and cut the price target from $420 to $400.

It's worth noting that none of these analysts downgraded their ratings. They're just being a bit more cautious about how high the stock can climb, even as the company talks up AI adoption and double-digit growth targets.