Morning Meeting Notes: QuickNotes

Research evidence excerpt

Morning Meeting Notes: QuickNotes

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Morning Meeting Notes

QuickNotes

Morning Call

US EQUITIES RESEARCH 07 July 2026

Initiations & Reinstatements Equity United States

Adobe | UNDERPERFORM | ADBE US | Mkt Cap:USD86,683mn | Tal Liani Investor Support

Cheap, but fundamentally challenged; Reinstating Underperform and $190 BofAS

PO

• Reinstating ADBE with Underperform and $190 PO as AI lowers barriers to creation Today’s Events: Economic Indicators

and pressures Adobe's moat. 1. 7:00 Fed Gov. Bowman delivers

• We see Adobe's AI strategy as largely defensive, supporting retention but unlikely to opening remarks at Financial Stability

drive meaningful ARR growth. Board event

• Current valuation at 8x CY27E EV/FCF is low, but we see no clear catalyst for growth 2. 8:15 ADP weekly employment change

reacceleration or multiple expansion. (4wk avg)

3. 8:30 Trade BalanceFigma | BUY | FIG US | Mkt Cap:USD9,395mn | Tal Liani

Turning AI from disruption to a growth catalyst; Reinstate Buy and $30 PO 4. 10:00 NY Fed 1-Yr Inflation

Expectations

• Reinstating FIG with Buy and $30 PO, as we believe AI is a tailwind that strengthens

Figma's strategic position.

• AI expands the need for collaborative workflows, driving platform adoption and Table of Contents

incremental monetization opportunities.

US EQUITIES RESEARCH 1

• We model revenue growth of 36% and 23% in FY26/FY27 and value FIG at 8x Initiations & Reinstatements 1

EV/Sales, supported by its premium growth profile. PO Raised 2

PO Lowered 3

Shopify, Inc. | BUY | SHOP US | Mkt Cap:USD145,978mn | Tal Liani

Buy Reiterations 3

Positioned at the core of commerce’s next phase; Reinstate Buy and $150 Macro & Strategy 6

PO Credit 7

• Reinstating on SHOP with Buy and $150 PO, as we believe Shopify could be a core