Adobe Inc: Fade Figma

We initiate coverage of Adobe Systems Inc with a BUY rating. Recently the stock plunged +16% intraday due to its $20B acquisition of Figma, a collaborative workflow platform. Adobe is the software company behind Photoshop, inDesign, Adobe Acrobat (.pdfs) and other design-orientated software. The bulk of its revenue comes from Creative Cloud subscriptions, which are paid on a recurring basis.