Street View: Investors await results on Adobe's big AI bet
Photoshop-maker Adobe ADBE.O raised its full-year results forecast on Thursday, counting on demand for its AI-powered software tools
Shares fall 1.7% premarket
Median PT of 41 brokerages covering the stock is $480 - LSEG data
AI-INITIATIVE DEMAND UNDER SCRUTINY
RBC Capital Markets ("outperform," PT: $480) says while management is positive around AI-software demand, it will take time to prove with concerns of competition around GenAI
Jefferies ("buy," PT: $590) says, "While this quarter's result is no fireworks, we believe the overall business continues trending in the right direction, as seen through accelerating adoption of Adobe's AI offerings and the lower-priced Express product"
Morgan Stanley ("overweight," PT: $510) says despite AI adoption being positive through a rise in Firefly and Acrobat AI subscriptions, investors remain concerned about limited impact on overall numbers
J.P. Morgan ("overweight," PT:$540) says, "Our sense is that an absence of any surprising jolt in results to close the calendar Q1 software earnings season is likely limiting any sudden change in view among investors for now"
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