[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciofb57f859":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciofb57f859","Adobe(ADBE)跌出性价比？美银证券加入看空阵营：AI连续侵蚀增加动能","\u002Fdoc\u002Fdciofb57f859","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，美银证券恢复覆盖Adobe(ADBE)，予“跑输大盘”评级，目标价为190美元。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">由塔尔·利亚尼领导的美银证券分析师团队表示“随着生成式人工智能(GenAI)降低内容创作门槛，并加剧来自低成本和原生人工智能替代方案的竞争，该公司增长前景面临越来越大的风险。我们认为，一些专业人士仍将专注于像素级精细操控并继续使用Adobe的工具，但随着时间推移，人工智能可能会取代核心市场的大部分份额，并可能对价格和用户数量增长构成压力。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">分析师认为，Adobe自身的AI战略在很大程度上是防御性的，有助于提升用户参与度和留存率，但在大规模生成高质量的年度经常性收入 (ARR) 方面能力有限。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">分析师补充说，Adobe短期内增长加速的可能性不大。美银证券的报告聚焦于一个关键问题在人工智能时代，Adobe能否重新加速增长?分析师认为，尽管公司的人工智能产品的普及率显著提高，但目前尚无充分证据表明其能带来显著的ARR提升，纯人工智能业务贡献的ARR比重仍不足2%。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">分析师指出，风险主要集中在低端和业余用户群体中，这些用户可以使用“足够好”的AI输出来替代付费工作流程，而专业和企业级应用场景虽然更具韧性，但仍无法完全避免风险。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">利亚尼团队还表示，公司向免费增值和按消费计费模式的转变带来了盈利风险。分析师预计，随着时间的推移，增长速度将放缓，并预测2027财年增速将从2025财年的10.5%下降至8.8%，且短期内没有明显的复苏迹象。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">利亚尼团队表示“估值颇具吸引力，但目前看不到催化剂。该股2027财年EV\u002FFCF倍数为8倍，处于同行业较低水平。但我们认为，单靠低估值不足以推动股价跑赢大盘。我们给出7倍的2027财年EV\u002FFCF倍数，反映公司长期增长中枢下行、商业化变现前景不确定性上升两大核心逻辑。我们预计公司利润率和自由现金流(FCF)表现仍将强劲，但缺乏明确证据表明人工智能变现能力将显著提升或增长加速，因此估值提升空间有限。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">相比之下，汇丰银行对Adobe前景持更乐观看法，该行近日将Adobe评级从“中性”上调至“买入”，并将目标价由282美元上调至308美元，理由是其认为人工智能对该公司业务造成的颠覆效应有限。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">由分析师斯蒂芬·贝尔西领衔的汇丰团队指出，Adobe第二财季营收同比增长12.7%，且公司对2026财年全年营收增速给出了11.8%的指引——在上述数据支撑下，他们尚未观察到来自AI驱动型竞争对手的任何实质性冲击。该团队认为，“市场高估了AI设计工具带来的负面影响，当前风险回报比已偏向有利方向，近期业绩表现持续强劲。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">TipRanks数据显示，整体而言，华尔街分析师予Adobe“持有”评级，目标价为257.19美元，较最新收盘价高出16%。今年以来，Adobe累计下跌37%。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 每天处理千万级股票数据：捕捉期权大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准交易信号第一时间发到您手机APP！\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FA\u002FADBE\u002FADBE.jpg","2026-07-08T12:32:54","2026.07.08","2026\u002F07\u002F08",31450,[22],"ADBE","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" 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href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":68,"summaryHtml":73,"aboutTitle":74,"aboutHtml":75,"copyrightHtml":76},[44,47,50,53,56,59,62,65],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":60,"url":61},"美股课程","\u002Fcol\u002Fvideos",{"label":63,"url":64},"免责声明","\u002Fdisclaimer",{"label":66,"url":67},"联系我们","\u002FContactUs",[69,70,71,72],"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" target=\"_blank\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":78,"search":79,"searchPlaceholder":79,"hotContent":80,"draft":81,"noData":82,"searchNoData":83,"edit":84,"editVideo":85,"courseContent":86,"more":87,"buyNow":88,"subscribeNow":89,"encoding":90,"paidContent":91},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]