Bank of America Securities released a research report indicating that Adobe's fourth quarter performance and outlook are mixed. During the period, the new digital media annual recurring revenue reached 0.572 billion dollars, exceeding the company's guidance by 22 million dollars, but underperforming compared to the third quarter. Furthermore, the group's guidance for total revenue and digital media business revenue growth for the fiscal year 2025 is about 9% and 10% respectively, lower than the bank's expectation of 11%. Additionally, Bank of America Securities pointed out that Adobe's profit outlook is disappointing, with the group's profit margin guidance for the fiscal year 2025 at 46%, below the bank's forecast of 46.9%. However, the bank believes that income may accelerate in the second half of the year, driving a recovery in annual profit margin expansion. The bank lowered the group's Target Price from $640 to $605, but reiterated a "Buy" rating, believing the company's growth will improve.