Adobe Inc.ADBE Adobe Inc. fair value $322–$505

Adobe remains a dominant force in digital media and marketing software, with a sticky, recurring revenueRevenueRevenue is an income-statement line item used to reconcile revenue to operating profit, pre-tax income, net income, or per-share earnings. It should be compared across periods and against peer disclosure conventions. model. While near-term growth is decelerating to high single digits, extreme cash flow generation and aggressive share repurchases support a durable compounding thesis despite emerging AI competitive threats.

• Sticky, recurring revenue model
  Sticky, recurring revenue model
• Enterprise workflow entrenchment
  Enterprise workflow entrenchment
• Cycle upside
  Enterprise AI software integration drives a massive capex and upgrade cycle, favoring incumbent platforms.