Posted 3/6/2024, 7:10:07 PM
Adobe Stock Drops Despite IBM Praise and Analyst Optimism, As Rising Rival Figma Poses Threat
- Adobe's AI offerings received praise from IBM, showing big productivity boosts in tests
- However, Adobe stock price dropped despite the IBM endorsement
- Figma poses a threat as a competitor after Adobe had to pay them $1B as a reverse termination fee
- Figma is projected to hit $600M in annual recurring revenue in 2023, becoming a major rival
- Wall Street analysts rate Adobe stock as a Moderate Buy with an average price target 20% above current levels