ADBE: Lots of moving parts; Q2/26 review

研报英文原文证据摘录

ADBE: Lots of moving parts; Q2/26 review

RBC Capital Markets, LLC

Matthew Swanson (Analyst)

(612) 313-1237, matthew.swanson@rbccm.com

Matthew Hedberg (Head of Global TIMT Research)

(612) 313-1293, matthew.hedberg@rbccm.com

Dan Bergstrom (Analyst)

(612) 313-1254, dan.bergstrom@rbccm.com

Simran Biswal (AVP)

June 11, 2026 (646) 618-6894, simran.biswal@rbccm.com

Michael Richards (AVP)

(332) 204-5767, michael.richards@rbccm.com Adobe Inc.RESEARCH Lots of moving parts; Q2/26 review

Our view: With sentiment around Adobe and the broader SaaS landscape Outperform

remaining challenged, Q2 results had too many moving parts for sentiment NASDAQ: ADBE; USD 218.80

to improve. Results in the quarter itself were in-line to better than Price Target USD 285.00 ↓ 350.00

expected, but the combination of CFO Dan Durn's exit and an organic guide

Scenario Analysis* down to FY'26 ARR growth will be the greater focus. Maintain our OP rating

but lower our PT to $285 reflecting lowered estimates and peer multiple Downside Current Price Upside

contraction. Scenario Price Target ScenarioEQUITY

175.00 218.80 285.00 400.00

Key points: 20% 30% 83%

All you need to know: Adobe delivered a solid result from a headline *Implied Total Returns

perspective, but the exit of CFO Dan Durn and moving parts around Key Statistics

organic ARR guidance created more uncertainty for a stock trying to firm Shares O/S (MM): 427.0 Market Cap (MM): 93,428

up its foundation. Following the announcement last quarter that CEO Dividend:Float (MM): 531.00.00 Yield:Tr. 12 ROE: 27.60%0.0%

Shantanu Narayen will transition out of his role once a successor is found, Avg. Daily Volume: 4,920,909

it was announced CFO Dan Durn was exiting to take the same role at 3-Yr. Est. EPS Growth: 15.00%

Marvell Technology.