Citigroup published a Research Report stating that Adobe's fourth quarter performance was disappointing, with the net new Annual Recurring Revenue (ARR) for Digital Media falling short of expectations. Management's outlook for the coming year is also relatively weak, as the company is undergoing a transition phase in its charging model. Since the first price increase in November last year, the monetization of secondary consumption and the point charging model does not seem to have translated into the same level of business growth momentum. The bank also noted that the guidance from management for fiscal year 2025 reflects a weakening conversion of net new ARR in Digital Media, suggesting that the company may encounter challenges related to discounts, competition, and pricing factors in the future, leading to revenue loss. Considering that Adobe will focus more on expanding new users and adjusting product cooperation and pricing, Citigroup believes that there is low visibility in performance in the short term, lowering its Target Price from $590 to $551 and reiterating a 'neutral' rating.