Citi analysts maintained a Neutral rating on Adobe (NASDAQ:ADBE) with a $610.00 price target. The focus of the recent Adobe MAX user conference and Analyst Day was on Gen. AI, showcasing Adobe’s wide range of offerings that cater to various user needs.

Feedback from over 15 creative customers at the conference was generally positive regarding new products and features, even though there were some frustrations about recent price hikes. The Financial Analyst (FA) Day didn’t present initial 2024 guidance and was less eventful than previous years, but the management conveyed a positive message regarding short-term business trends and Adobe’s innovation capabilities.

Citi analysts are slightly more positive after Day 1, recognizing the strong adoption of Firefly and believing that new Gen. AI offerings and price increases will drive robust Digital Media (DM) Net New Annual Recurring Revenue (NNARR) growth in 2024.

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