Digital media and marketing software firm Adobe on Thursday officially launched a generative artificial intelligence assistant for its marketing software platform. Adobe stock rose on the news.
Adobe announced the general availability of its Adobe Experience Platform AI Assistant. The company unveiled the tool on March 26 at its Adobe Summit conference.
The tool has an AI-powered conversational interface that allows brand employees to automate tasks, simulate outcomes and generate new marketing content. Adobe says the AI assistant will boost organizational productivity.
The assistant works in existing workflows across Adobe's enterprise applications, such as Adobe Real-Time Customer Data Platform and Adobe Journey Optimizer.
Adobe AI Assistant Uses Company Data
On the stock market today, Adobe stock advanced 0.5% to close at 458.13.
"AI assistants are driving a paradigm shift within enterprise software, dramatically lowering the barrier to entry for new use cases and also first-time users," Anjul Bhambhri, senior vice president for Adobe Experience Cloud, said in a news release.
She added, "Adobe is in a unique position to provide an out-of-the-box solution that can harness data to deliver insights and automation, given the scale of profiles, campaigns and interactions already being processed through Adobe Experience Platform, including 40 petabytes of data and 5 billion edge interactions per day."
Customers using the Adobe Experience Platform include Coca-Cola, General Motors, Major League Baseball, Marriott International, Prudential Financial and more.
The AEP AI Assistant can answer product-related questions, automate tasks, provide predictive insights and generate content. It uses an organization's unique data, campaigns, audiences and business goals.
Adobe Stock Gets Price-Target Cut
Adobe stock is down about 23% year to date after disappointing investors with its last two quarterly earnings reports.
Also, Adobe stock has a middling IBD Composite Rating of 50 out of 99, according to IBD Stock Checkup.
IBD's Composite Rating is a blend of key fundamental and technical metrics to help investors gauge a stock's strengths. The best growth stocks have a Composite Rating of 90 or better.
Meanwhile, investment firm Oppenheimer on Thursday lowered its price target on Adobe stock to 580 from 660. However, it kept an outperform rating on ADBE stock, noting good stock catalysts in the second half of the year.
Elsewhere, BMO Capital Markets cut its price target on Adobe stock to 525 from 610 but kept its outperform rating. BMO analyst Keith Bachman cited "weak spending trends in enterprise software" for the move.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
