BTIG Initiates Neutral Coverage of Adobe, Figma

BTIG initiates coverage of Adobe and Figma, assigning Neutral ratings amid AI-driven growth uncertainties.
Adobe FY25 revenue projected around $24 billion, with Creative Cloud contributing ~60% of sales and strong margin profile.
BTIG flags AI impact on Adobe’s long‑term revenue and margins, citing pricing power and competition concerns.
Figma’s FY25 run‑rate exceeds $1 billion with 41% growth, but AI “Make” feature monetization remains ambiguous.