Updates shares
** Photoshop-maker Adobe ADBE.O raised its full-year results forecast on Thursday, counting on demand for its AI-powered software tools
** Shares fall almost 7%
** Median PT of 41 brokerages covering the stock is $480 - data compiled by LSEG
AI INITIATIVES UNDER SCRUTINY
** RBC Capital Markets ("outperform", PT: $480) says while co 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"
(Reporting by Twesha Dikshit)
((Twesha.Dikshit@thomsonreuters.com))
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