BofA analyst Tal Liani reinstated Adobe at Underperform with a $190 price target, down from the Buy rating the firm previously held. While the firm believes some professionals will remain focused on pixel level control and continue to utilize Adobe's tools, AI will likely displace large parts of the core market over time, argues the analyst, who flags rising risk to the growth profile as generative AI lowers barriers to content creation and increases competition from lower-cost and AI-native alternatives.
