Adobe introductions at MAX highlight ‘core differentiators,’ says Morgan Stanley

Through multiple product demos that were “well received by the customers in attendance,” Adobe showcased numerous new product innovations at its MAX user conference, with the headline announcement being the launch of a Firefly Video Model into beta, Morgan Stanley tells investors following the event. As expected, MAX and the investor Q&A session were “light on numbers, but heavy on innovation and customer excitement,” according to the analyst, who contends that new product introductions at MAX “highlight two of Adobe’s core differentiators in the GenAI landscape.” Namely, solutions able to integrate both content creation and content activation as well as compliant AI models trained only on proprietary data. The firm, which thinks this “unique positioning remains underappreciated,” keeps an Overweight rating and $660 price target on Adobe shares.