Adobe's (ADBE) upcoming fiscal Q3 results are expected to demonstrate success in pulling forward user acquisition with a likely acceleration in monthly active users, or MAU, and site traffic growth, Oppenheimer said in a note Tuesday.

The investment firm said the development may improve the AI disruption narrative on Adobe by strengthening its low-end market moat.

If the company can convert users into paid subscribers, then AI could drive both share gains and reacceleration in revenue growth, Oppenheimer said, adding this could rerate the stock by shifting perception of Adobe's weak positioning during the industry's transition to AI.

The leadership transition and early stage of the pivot, however, mean that any new disclosures on cohort conversion rates or ARPU trends are likely to only happen in fiscal 2027, according to the note.

The firm said it expects a slight upside compared with estimates for fiscal Q3 due to the low bar, but it also does not expect fiscal 2026 revenue and bookings estimates to change materially after the earnings update.

The company is set to report fiscal Q3 financial results on Thursday.

Oppenheimer has a perform rating on Adobe.

Shares of Adobe were down more than 3% in Tuesday trading.

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