Adobe previewed ‘really strong quarter’ in Q4, says RBC Capital

RBC Capital analyst Matthew Swanson keeps an Outperform rating and $615 price target on Adobe after its Max event where the management highlighted the future strategic roadmap for generative AI and reviewed the accomplishments and traction they’ve had since introducing Firefly last year. No new financial targets were given as expected, but the company did share usage and adoption data as well as qualitative color that Q4 will be another “really strong quarter” despite Generative AI remaining more of a 2024-2025 benefit, the analyst tells investors in a research note.