金吾财讯 | 花旗（C）研究将Adobe（ADBE）评级由持有下调至卖出，理由是公司步入2027财年，增长存在不及市场一致预期的风险，同时正处于领导层变动阶段。花旗分析师Tyler Radke在投资者报告中指出，候任首席执行官Anil Chakravarthy上任时，首席财务官、数字媒体业务负责人等多个关键岗位空缺；叠加Creative业务入市策略持续调整，预计Adobe在12月初披露2026财年第四季度业绩时，给出的2027财年展望偏疲软。他提到，此次业绩预期的“硬重置”短期会压制股价，但也给公司留出时间重建管理团队、优化战略，搭建更务实的增长基础。花旗同步把Adobe目标价由250美元下调至207美元，并下调2027、2028完整财年新增年度经常性收入预测，分别下调4.70亿美元、5亿美元，调整后对应预期为15亿美元、14.5亿美元。
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