花旗发表研究报告指，对Adobe第二财季业绩看法好坏参半，认为Adobe在Creative Cloud的市场份额持续流失，因其针对核心创意专业用户群进行AI驱动的价格上涨，以抵消在低端市场面对澳洲初创公司Canva及其他免费增值照片或影片编辑应用程序竞争时的较慢货币化。另一方面，Adobe强劲的网站流量信号，确认了合作伙伴对其数位体验方面的正面评论，显示企业业务持续保持增长势头。
花旗维持对Adobe的“中性”评级，目标价从430美元上调至465美元，基于略微上调的预估及较高的估值回归框架，意味着2026财年企业价值对自由现金流比率为20倍。该行预期Adobe股价将保持区间震荡，直到Adobe展现更好的Creative Cloud趋势或更显著的生成式AI货币化成果。花旗认为，尽管公司可能继续受惠于数位媒体(DM)的趋势潮流，但预期新增年度经常性收入(ARR)增长将趋平缓。
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