Adobe recently unveiled its AI roadmap at the ongoing Adobe Summit, generating buzz among analysts. Here are the key takeaways from the event that shed light on Adobe’s future direction:
BMO Capital Markets’ Keith Bachman reiterated an Outperform rating and a price target of $610 for Adobe. He highlighted the company’s focus on incremental enterprise use cases in both Creative Cloud and Experience Cloud, positioning Adobe as a leader in enterprise workflow.
JPMorgan’s Mark Murphy maintained a Neutral rating and a price target of $570. While he doesn’t anticipate changes in consensus estimates from the event, Murphy praised Adobe’s strategy with GenAI, highlighting the company’s potential to benefit from emerging trends in the AI space.
Analyst Brian Schwartz reiterated an Outperform rating and a price target of $660 for Adobe. He emphasized that GenAI is expected to become a major revenue driver for the company, with solutions expanding beyond traditional image and text effects.
Piper Sandler’s Brent Bracelin reaffirmed an Overweight rating and a price target of $700, noting Adobe’s strong position as an AI innovator. Bracelin highlighted that while AI adoption is still in its early stages, he expects Adobe to capitalize on this growing market.
BofA Securities’ Brad Sills maintained a Buy rating and a price target of $640 for Adobe. Sills highlighted the company’s focus on AI as a potential revenue driver, with partner enthusiasm increasing and large corporations piloting generative AI in their workflows.
Despite the positive analyst outlook, shares of Adobe declined slightly to $502.33 during the event. However, experts remain optimistic about Adobe’s AI innovations and revenue potential in the near future.
In conclusion, Adobe’s AI roadmap has garnered attention from analysts, with expectations high for the company’s growth and leadership in the evolving AI landscape.
