大行评级丨花旗：下调Adobe目标价至551美元短期内业绩能见度较低

港股那点事12-16

花旗发表研报指，Adobe第四财季业绩令人失望，数字媒体净新增年化经常性收入(ARR)低于预期，管理层对来年展望亦较疲弱，认为该公司正处于收费模式转型期，自去年11月起首次加价后，二次消费及点数收费模式的变现，似乎未转化为相同水平的业务增长动力。

该行又指，管理层对2025财年指引反映出数字媒体净新增ARR转化趋弱，预示该公司未来可能会遇到折扣、竞争及价格因素相关阻力，导致收入流失。考虑到Adobe未来会更专注于拓展新用户及调整产品经合和定价，花旗认为短期内业绩能见度较低，将其目标价从590美元降至551美元，重申“中性”评级。

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大行评级丨花旗：下调Adobe目标价至551美元 短期内业绩能见度较低

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大行评级丨花旗：下调Adobe目标价至551美元短期内业绩能见度较低