Adobe MAX conference showcased AI growth potential, says BMO

BMO Capital keeps an Outperform rating and $645 price target on Adobe after the company’s MAX user conference and Analyst event, which featured “significantly more innovation” compared to past events. The generative AI era creates new growth potential for Adobe across its clouds, the analyst tells investors in a research note, adding that the company’s focus will be more on new user adds and up-sell into the Creative Cloud, and less so on leveraging pricing.