AI monetization has exceeded expectations, why hasn't Adobe (ADBE.US) been able to dispel Wall Street's doubts?

Note that Adobe (ADBE.US) exceeded expectations in the third quarter and raised its outlook. The annual recurring revenue (ARR) of its artificial intelligence priority products reached the $250 million goal one quarter ahead of schedule, but many analysts are still cautious. KeyBanc analysts Jackson Ait and Jack Nichols stated in an investment report: "Adobe's performance this quarter exceeded expectations, with the most notable achievement being the rapid growth of its AI priority products, which reached the $250 million ARR goal one quarter ahead of schedule. Although the outlook for the next quarter has been raised, we cannot yet determine if these positive signs will drive substantial acceleration in performance for the 2026 fiscal year." The firm maintains a "market perform" rating for Adobe. Ait added: "The ARR of the AI priority product portfolio, including Firefly, Acrobat AI Assistant, and GenStudio, has surpassed $250 million this quarter, three months ahead of the initial expectations. While CEO Shantanu Narayen has not made a clear statement, we believe that all the incentives and promotions for using and promoting Firefly implemented so far in the 2025 fiscal year have been driving performance growth." Citigroup reiterated a "neutral" rating and a $400 target price, stating that Adobe's third-quarter performance and outlook are largely in line with expectations. Analysts led by Taylor Radke in the report said: "With the net new ARR of the third quarter digital media exceeding expectations and the digital media ARR outlook for the 2025 fiscal year largely in line with expectations, we expect the stock price to remain stable." Goldman Sachs Group, Inc. analysts, on the other hand, are more optimistic about the long-term prospects, reaffirming a "buy" rating and giving a target price of $570. The analyst team led by Kash Langan emphasized in the report: "The early validation of AI momentum keeps us constructive. The AI priority product ARR has exceeded the $250 million goal set for the fourth quarter of the 2025 fiscal year, which makes us confident that the company can surpass the 11.3% growth guidance for the 2025 fiscal year digital media ARR. If this momentum continues into the 2026 fiscal year, AI is not only expected to stabilize digital media ARR growth, but also potentially revitalize momentum - turning the current deceleration curve into a mild acceleration trend."