1413 ET - Adobe is in a reset year as management looks to boost its freemium audience at the expense of near-term annual recurring revenue recognition. That means, Morgan Stanley analysts say in a note, that the company is likely to reiterate its full-year ARR growth target rather than pointing toward a material inflection. "The focus into 3Q26 results should be assessing underlying momentum and/or indicators that could increase confidence in a path to ARR growth stabilization/inflection in FY27," the analysts say. Those indicators include repeat usage, credit replenishment, paid starts, and retention metrics, they add. The analysts keep their underweight rating on the stock as they await signals that the new strategy is proving effective.