Morgan Stanley is optimistic about Adobe's potential to benefit from AI-powered products. The bank upgraded Adobe's rating to overweight and raised its price target from $510 to $660, implying a nearly 25% upside. Despite being a late entrant, Analyst Keith Weiss believes that Adobe can still capitalize on AI integration in its product line. He highlighted the significance of GenAI products like Firefly and advancements in flagship applications, expressing confidence in Adobe's ability to innovate.
Weiss also emphasized the popularity of Adobe Creative Cloud, suggesting that it could contribute to a compounded annual growth rate of 17% from 2022 to 2025. Overall, Morgan Stanley sees Adobe's strong software franchise and potential for integrating generative AI as factors that could enhance customer engagement and drive additional revenue growth. This report includes contributions from CNBC's Michael Bloom.
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