2024-03-26 00:41:23 ET
Summary
- Adobe had an impressive Q1 performance, beating revenue and EPS estimates, but stock stumbled due to concerns about AI monetization efforts.
- Despite no current revenues from AI, Adobe's underlying business remains strong, with record revenues and strong growth in remaining performance obligations.
- Adobe's AI roadmap is on track, with popular AI tools and plans for expanded offerings, but investors need to be patient when it comes to monetization.
Investment Thesis
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Adobe: AI Story Is On Right Track, Time To Be Patient (Rating Upgrade)