BTIG starts neutral on Adobe & Figma

BTIG started coverage of Adobe and Figma on Monday with Neutral ratings, saying artificial intelligence has made pricing and competition harder to forecast. (gurufocus.com) GuruFocus reported the initiations on April 13, 2026, and said both stocks were up about 4% by midday trading. Investing.com separately reported BTIG’s view that artificial intelligence could reshape how both companies charge for software and defend market share. (gurufocus.com) (investing.com) The call lands as Adobe is still putting up bigger numbers than most software peers. Adobe reported fiscal 2025 revenue of $23.77 billion, including $6.19 billion in its fourth quarter, according to its year-end results. (gurufocus.com) (marketscreener.com) Figma is the newer public entrant in the same design market, and Wall Street has already been split on how much artificial intelligence can add to its growth. GuruFocus reported in September 2025 that several firms began coverage with neutral-style ratings while citing valuation and competition concerns. (gurufocus.com) Adobe has been trying to answer those concerns by adding more computing power and model-building tools behind Firefly, its generative artificial intelligence product line. Adobe and NVIDIA said on March 16, 2026, that they expanded their partnership to build the next generation of Firefly models and new automated workflows for creative and marketing work. (news.adobe.com) (nvidianews.nvidia.com) That partnership ties Adobe’s software to NVIDIA tools including CUDA-X, NeMo, Cosmos and Agent Toolkit, according to the two companies. Adobe said the work would cover content creation, production, personalization and “agentic” systems that can complete multi-step tasks with less human input. (news.adobe.com) (investing.com) The backdrop is a design-software market where new artificial intelligence features can appear fast and put pressure on subscription pricing. Investing.com reported this month that William Blair cut its Adobe rating on competition concerns, while the same report pointed to fresh pressure on Figma after Google Labs updated its Stitch design tool. (investing.com) BTIG’s neutral stance leaves both companies in a familiar spot: Adobe is still the larger incumbent by revenue, and Figma is still being judged on how much of the next design workflow it can own. Monday’s note suggests analysts are not ready to make a bigger call until the artificial intelligence pricing battle is easier to measure. (gurufocus.com) (marketscreener.com)