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《大行》花旗升Adobe(ADBE.US)目標價至465美元 維持「中性」評級
阿思達克 06-10 14:49
花旗銀行研究報告指,對Adobe(ADBE.US)第二財季業績看法好壞參半,認為Adobe在Creative Cloud的市場份額持續流失,因其針對核心創意專業用戶群進行AI驅動的價格上漲,以抵消在低端市場面對澳洲初創公司Canva及其他免費增值照片或影片編輯應用程式競爭時的較慢貨幣化。另一方面,Adobe強勁的網站流量信號,確認了合作夥伴對其數位體驗方面的正面評論,顯示企業業務持續保持增長勢頭。 綜上而言,花旗維持Adobe「中性」評級,將其目標價從430美元上調至465美元,基於略微上調的預估及較高的估值回歸框架,意味著2026財年企業價值對自由現金流比率為20倍。預期Adobe股價將保持區間震盪,直到Adobe展現更好的Creative Cloud趨勢或更顯著的生成式AI貨幣化成果。 花旗認為,儘管公司可能繼續受惠於數位媒體(DM)的趨勢潮流,但預期新增年度經常性收入(ARR)增長將趨平緩。花旗亦認為,Adobe在數位體驗(Digital Experience)領域需要更多投資以保持競爭力,這將要求更高的有機及無機投資,可能使利潤率擴張保持溫和。
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