Adobe Systems (NASDAQ:ADBE) hosted its Summit user conference and Analyst event on Tuesday, and the company revealed a host of new features.
Here's what analysts said following the event:
In a note, KeyBanc maintained an Underweight rating and a $445 price target on Adobe stock. The firm said the biggest news from the meeting was a reiteration.
They stated that it "just goes to show you how confounding the original non-reiteration was to analysts and investors."
"FY24 targets were hit right off the bat and, outside of the Figma break-up payment, were exactly as they had been laid out at the start of the year. Good move. Now we can all move on," said the firm. "The rest of the presentation revolved around TAM."
KeyBanc added that the enterprise, in the short run, will likely drive AI monetization.
Meanwhile, BMO Capital Markets stated that they believe "new product innovation is focused more on incremental enterprise use cases in both Creative Cloud and Experience Cloud, which supports our view of Adobe as a leader in enterprise workflow."
'While we believe there continues to be a tighter range around FY24 net new ARR, Adobe still has longer-term growth levers across price, mix, and seats, in our view," they added, maintaining an Outperform rating and $610 price target on the stock.