Adobe Q3 results and outlook ‘somewhat mixed, though healthy,’ says BofA

BofA describes Adobe’s Q3 results and outlook as “somewhat mixed, though healthy overall.” The quarter benefitted from some deals pulled forward from Q4 in the Document Cloud, but Q4 upside was more balanced across Creative and Documents cloud, the analyst tells investors. While admitting the firm was “hoping for a better Q4 digital media outlook,” BofA’s FY26 estimates still move higher on more balanced creative cloud and document cloud strength, says the analyst, who reiterates a Buy rating and $640 price target on Adobe shares.