Adobe: The Early Stage Of GenAI Monetization (Rating Downgrade)

grinvalds/iStock via Getty Images Investment Thesis Adobe (NASDAQ:NASDAQ:ADBE)'s stock rallied more than 15% after its Q2 FY2024 earnings, driven by depressed market sentiment and better-than-expected earnings results. Despite an optimistic tone from the street regarding this quarter, my view is more muted for two reasons. First, the company's revenue outlook is not only below market consensus but also does not indicate a strong growth rebound. Second, its top-line growth is expected to be 10.5% YoY in  ...