[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcioc6e30398":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcioc6e30398","Adobe(ADBE)遭遇史上最强看空潮：AI颠覆担忧加剧，卖出评级数量创纪录","\u002Fdoc\u002Fdcioc6e30398","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网获悉，随着市场愈发担心Adobe(ADBE)在AI时代难以保持竞争力，分析师对这家创意软件巨头的看法已降至历史冰点。本周，两家机构下调Adobe评级，加入越来越多怀疑者的行列。他们担心，AI公司的产品将侵蚀Photoshop等软件的需求，削弱Adobe的长期增长潜力。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>分析师集体转向卖出评级数量创历史新高\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>本周首个评级下调来自富国证券。该机构周一将Adobe评级连降两档，从“增持”下调至“减持”，并将12个月目标价从270美元下调至225美元。这使得Adobe的卖出评级数量达到7个，创历史最高，而2025年中期这一数字为零。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>富国证券分析师迈克尔·图林写道“Adobe增长轨迹中更明显的裂痕开始显现。”他指的是Adobe上个月发布的第三季度业绩，称其“相当平淡”。他还表示，鉴于近期管理层关于推迟核心创意产品提价的评论，Adobe实现全年目标的能力看起来“困难”。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>周二，汇丰分析师斯蒂芬·伯西将Adobe评级从“买入”下调至“持有”，目标价从310美元下调至267美元，称Adobe是“AI主导颠覆的现实候选者”。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>今年以来，分析师已至少15次下调Adobe股票评级，包括本周的两次下调。受此影响，Adobe的推荐共识指标——综合买入、持有和卖出评级比例的代理指标——已降至5分制的3.16分，创历史最低。相比之下，标普500软件指数成分股的平均共识评级为4.65分，看涨情绪明显更强。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>股价连续第三年大跌，被视为AI颠覆典型\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>对AI颠覆的担忧，是今年软件投资者关注的核心主题。2026年初，由于OpenAI和Anthropic等AI原生公司持续推出新产品，软件板块暴跌。随着投资者认为某些软件难以被替代，板块情绪已大体修复，但Adobe仍是明显的例外。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>今年以来，Adobe股价已下跌近30%，而iShares扩展科技软件行业ETF同期上涨3.7%，该ETF被广泛视为软件板块的代理指标。Adobe股价可能连续第三年下跌超过20%，这一长期抛售反映出，市场将其视为AI颠覆的典型案例。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>投资者担心，用户可能放弃Photoshop订阅，转而使用OpenAI或Anthropic等公司的工具，通过提示词生成图像。虽然Adobe也提供自己的AI功能，但市场担心，AI竞争将压制其定价权，并拖累利润率。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这种担忧正是汇丰下调评级的核心。伯西认为，竞争来自“基于AI提示编写的Adobe克隆软件”。他引用媒体报道写道，一家名为ArtCraft的公司提供免费的同类型产品，包括“Photoshop、Illustrator、Premiere、Lightroom、Acrobat、After Effects和InDesign的版本”。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>伯西写道，这类竞争“会给Adobe带来负面新闻风险”，尽管他认为这类服务对用户也存在风险。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>整体来看，Adobe正面临分析师情绪、股价表现和AI竞争担忧的多重压力。市场关注的是，这家创意软件巨头能否在AI时代守住其核心产品的护城河。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]