Adobe maintaining longer-term growth levers across price, mix, says BMO Capital

BMO Capital keeps an Outperform rating and $610 price target on Adobe. After attending the company’s Adobe Summit user conference and Analyst event, the firm believes that the company’s new product innovation is focused more on incremental enterprise use cases in both Creative Cloud and Experience Cloud, which supports its view of Adobe as a leader in enterprise workflow. BMO adds that the range around FY24 net new annual recurring revenue is tighter, but also contends that Adobe still has longer-term growth levers across price, mix, and seats.