Report published September 3, 2026
Adobe (ADBE) F3Q Earnings Preview: Deutsche Bank Research Report
Deutsche Bank · September 3, 2026
Deutsche Bank previews Adobe's F3Q results, reiterating a Hold rating and a $260 price target. While conservative guidance and the Semrush acquisition could enable modest top-line upside, wider FY27 ARR growth dispersion and the ongoing CEO search keep near-term share outperformance constrained.
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Finvaulta summarizes Deutsche Bank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Deutsche Bank maintains a Hold rating and $260 price target on Adobe ahead of F3Q results, seeing potential for modest revenue and ARR upside against conservative expectations.
- 2.Share price outperformance exiting the print is likely capped by uncertainty regarding next year's ARR growth (Street views span 6-10%) and the ongoing CEO search.
- 3.Semrush is expected to contribute approximately $120mn to F3Q revenue, delivering a ~2 percentage point benefit to total revenue growth.
Table of Contents
- Valuation & Risks
- F3Q Preview: The picture is still rendering
- Creative and Marketing Professionals
- Business Professionals and Consumers
- F3Q Model Thoughts
- F4Q/FY26 Guidance Thoughts
- Appendix 1
- Historical recommendations and target price: Adobe (ADBE.OQ)
- Company rating dispersion and banking relationships
- Company Rating and Dispersion Key
- Additional Information
Report data
Figure 6: F3Q, F4Q and FY26 Estimates — as of September 2, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Price Target | 260.00 USD | Deutsche Bank 12-month target price for Adobe |
| Share Price | 279.79 USD | Closing share price as of 2 September 2026 |
| F3Q26E Total Revenue (DBe) | 6689 USD mn | Deutsche Bank estimate for Adobe F3Q26 total revenue |
| Semrush F3Q Revenue Contribution | 120 USD mn | Estimated quarterly revenue contribution from the acquired Semrush business |
| Street Ending Total ARR Median | 27.5 USD bn | Consensus median expectation for F3Q ending Total ARR |
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