(https://www.marketwatch.com/story/adobe-stock-has-been-crushed-by-ai-fears-now-morgan-stanley-has-cut-its-rating-to-underweight-38378183?mod=mw_rss_topstories) by a third, citing AI competition. Fair take. But here's what the sell-side is sleeping on: Adobe's net margin of 13.2% is already compressed relative to the scale.

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