AI货币化超预期，Adobe(ADBE.US)为何未能打消华尔街疑虑？

Group 1 - Adobe's Q3 performance exceeded expectations, with its AI-first products achieving an annual recurring revenue (ARR) of $250 million ahead of schedule [1] - KeyBanc analysts noted that while Adobe's performance was strong, there is uncertainty about whether this momentum can lead to substantial acceleration in FY2026 [1] - Citigroup maintained a "neutral" rating and a target price of $400, indicating that Adobe's Q3 results and outlook were largely in line with expectations [1] Group 2 - Goldman Sachs expressed a more optimistic long-term outlook, reiterating a "buy" rating with a target price of $570, citing early validation of AI momentum [1] - The ARR for AI-first products surpassed the initial target set for Q4 FY2025, suggesting potential for growth beyond the current slowdown [1] - Analysts believe that if the current momentum continues into FY2026, AI could stabilize and potentially accelerate digital media ARR growth [1]