Adobe: Upscaling Firefly, Acquiring Topaz Labs

研报英文原文证据摘录

Adobe: Upscaling Firefly, Acquiring Topaz Labs

Deutsche Bank

Research

Rating Company Date

Hold Adobe 25 June 2026

North America Reuters Bloomberg Rating Hold

United States ADBE.OQ ADBE US Price target (USD) 260.00 Price at 24 Jun 26 196.57

52-week range 392.10 – 194.90

TMT

Software Valuation & Risks

Upscaling Firefly, Acquiring Topaz Labs

Brad Zelnick

Earlier today, Adobe announced an agreement to acquire Topaz Labs, which Research Analyst

+1-212-250-8563 specializes in AI video and image enhancement tools. While Adobe already offers

some of Topaz's models via its partner models program, Topaz Labs' technology Bhavin Shah, CFA

will be integrated across Adobe's creative AI portfolio. Topaz Labs products will Research Analyst

also remain available as standalone offerings. With the acquisition, Adobe will get +1-212-250-6775

Emmy-Award winning AI technology and more video-focused AI models and

Nick Giovacchini talent. With Video and Audio models highlighted as strong drivers of generative Research Associate

credit consumption, we think the acquisition makes sense to lean in further on +1-212-250-9075

video and to add an experienced team of AI engineers and researchers to its

bench. We also highlight that Topaz Labs developed software that enables large, Chris Fountain

complex AI models to run locally on user devices, positioning Adobe to tap into Research Associate

+1-212-250-1575

the growing opportunity for efficient, on-device AI video. We could see this

technology supporting further pricing for value on higher tier plans if Adobe looks

to incorporate more complex generative models into its flagship products.

Topaz Labs' reportedly had $48mn in revenue in 2024, which has presumably

grown since then, though likely remains small compared to Adobe's C&MP