Creative Cloud to remain a focus for Adobe at MAX, says BMO Capital

BMO Capital keeps an Outperform rating and $645 price target on Adobe ahead of its MAX conference next week. Creative Cloud will remain a focus, though there will also be discussions on Document Cloud and Experience Cloud, which should highlight the company’s future growth opportunities, including the positive impact of generative AI. Adobe remains reasonably valued and shares deserve to trade at a premium to peers over the next 12 months based on improving fundamentals heading into 2024, the firm added.