The new price target represents a potential 12% upside from the stock's closing price Tuesday of $279.39.
Citi downgraded the stock due to dimming visibility in the company's growth and margin prospects. The firm has concerns about Adobe's ability to maintain the financial momentum it has built up over the last 5+ years, according to analyst Walter Pritchard.
Pritchard also sees the expectations for the company's Digital Experience business as being too high based on current trends.
The one catalyst that could boost the stock is the company's analyst day in November, where Pritchard predicts Adobe will give fiscal 2020 guidance that is "likely to be less conservative" than its previous forecasts.
Adobe shares were down 3.6% to $269.30 in premarket trading Wednesday.