Adobe's (ADBE) CFO departure and fiscal 2026 organic annual recurring revenue outlook have created more uncertainty for the company, outweighing its fiscal Q2 results, RBC Capital Markets said in a note emailed Friday.

The company reported fiscal Q2 adjusted earnings of $5.96 per diluted share, up from $5.06 a year earlier, as revenue rose to $6.62 billion from $5.87 billion. For fiscal 2026, Adobe currently expects adjusted EPS of $24.35 to $24.45 on revenue of $26.5 billion to $26.6 billion.

RBC said investors' focus will shift to the company's fiscal 2026 ARR growth outlook, which was maintained at 10.2% including the contribution from Semrush. The outlook reflects headwinds from Adobe's focus on its Freemium model and deferral of optimizations to its Creative Cloud line, the brokerage added.

The investment firm further noted that Adobe CFO Dan Durn's departure followed the company's announcement last quarter that CEO Shantanu Narayen will also step down once a successor is named.

RBC cut its price target on Adobe to $285 from $350, and reiterated its outperform rating.

Price: 202.90, Change: -15.90, Percent Change: -7.27