** Adobe ADBE.O shares fall 2.5% to $228.8

** Brokerage Morgan Stanley downgrades the stock to "underweight" from "equal-weight" and lowers PT to $240 from $365

** Adobe remains well protected in professional creative workflows and enterprise content supply chains, but competitive position is less clear among "lighter-weight" users, with consumer, business-user and simpler marketing use cases increasingly exposed to AI-native substitution

** Morgan Stanley says this could delay a rebound in recurring revenue growth and pressure margins before AI products generate enough revenue

** 13 of 40 brokerages rate the stock "buy" or higher, 22 "hold", and five "sell" or lower; median PT is $250 - data compiled by LSEG

** Including session moves, stock has fallen ~34% this year