2024-06-14 10:36:14 ET
Summary
- Upgraded Adobe Inc. to "Strong Buy" in March 2024, highlighting AI as an ally, not an enemy.
- Adobe's Q2 FY24 results showed 11% revenue growth, strong AI capabilities in Firefly, and robust capital allocation.
- Forecasting 11% revenue growth for FY24 and 12% growth beyond FY25, reiterating a 'Strong Buy' rating with the fair value of $620 per share.
- Adobe is working on some new AI features for its Premiere Pro, including integration with third-party services like OpenAI’s Sora.
I upgraded Adobe Inc. ( ADBE ) to "Strong Buy" in my previous article published in March 2024. I argued that AI is not an enemy, but an ally. The company released its Q2 result on June 13 th after the bell, delivering 11% revenue growth and 15% EPS growth....
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Adobe Q2: Strong AI Positions In Firefly