Adobe (ADBE) investors need a "clearer roadmap" to dispel "apathy" surrounding the stock even after the software company's Q1 results topped estimates by analysts, Morgan Stanley said Thursday in a report.
"Investors look for greater visibility on three key focal points to gain confidence in the forward trajectory" of the company, including detailed data on annual recurring revenue for digital media, cloud and document cloud segments, as well as artificial-intelligence products, the report said.
The new disclosure of generative artificial intelligence metrics "is a step in the right direction," the report said.
"Management acknowledged volatility in the broader macro environment, but highlighted expectations for Adobe to remain relatively durable," Morgan Stanley said.
An Adobe investor summit is scheduled for Tuesday.
Morgan Stanley cut its price target on Adobe stock to $600 from $660 and maintained its overweight rating. Several other analysts reduced price targets.
Shares of Adobe fell 12% in recent Thursday trading.
Price: 386.62, Change: -51.98, Percent Change: -11.85
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