03:07 PM EDT, 06/13/2025 (MT Newswires) -- Adobe (ADBE) reported "good" Q2 results amid a ramp in artificial intelligence-derived annual run rate, Oppenheimer said in a Friday research report.

The report also pointed to other positives, including the AI-derived ARR tracking ahead of the 2025 plan and rising ADBE estimates. But the bears will point to a decelerating business with only modest net-new Digital Media ARR growth and a longer time horizon to garner multiples credit for its AI positioning.

"The F2Q results are mostly consistent with recent quarters with Adobe's reported results overcoming a low guidance bar offset by slowing top-line and margin growth," the note said.

Oppenheimer kept its outperform rating on the stock while lowering its price target to $500 per share from $530 due to group multiples compression.

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