RBC Capital keeps an Outperform rating and $615 price target on Adobe ahead of its Q4 results. The company’s momentum is expected to continue into the year-end, though investor focus will likely be around FY24 guidance and particularly management’s assumptions around GenAI contribution, the analyst tells investors in a research note. RBC adds that it expects a prudent initial outlook by Adobe given the recency of monetization, with bullish usage trends pointing to a larger long-term opportunity.
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