招银国际发表研报指，Adobe 2026财年第一季总收入按年增长12%至64亿美元，非公认会计准则净利润按年增长12%至24.9亿美元，均基本符合市场预期。总年度经常性收入(ARR)增长放缓至按年10.9%，相较于前一季的11.5%，主要受传统Adobe Stock业务疲软及公司推动免费月活跃用户(MAU)增长的策略影响。此外公司宣布行政总裁即将换届，亦加剧了短期不确定性。不过，管理层重申2026财年财务目标，包括总收入按年增长9%至10%，期末总年度经常性收入按年增长10.2%。基于市场对人工智能应用竞争加剧的担忧，该行将目标价下调至350美元，维持“买入”评级。
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