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Shelley Cohen

Senior Equity Research Analyst at Bernstein

Shelley Cohen is a Senior Equity Research Analyst at AllianceBernstein (Bernstein Research), focused on the European retail and consumer sector with detailed coverage of listed retailers across the region. She has covered major publicly traded retail companies in Europe, delivering fundamental research and investment recommendations for institutional clients over a multi‑year career on the sell side. Cohen began her equity research career in London and has progressed through sector-focused roles before assuming her current position at Bernstein, where she has built a track record for in‑depth company and industry analysis. She holds professional regulatory registrations and maintains the securities licensing required for her role as a publishing analyst in major European markets.

Shelley Cohen's questions to ADOBE (ADBE) leadership

Question · Q4 2025

Shelley Cohen inquired about the factors driving the difference between Adobe's FY25 total ARR growth of 11.5% and the FY26 guidance of 10.2%, specifically asking if certain market segments are anticipated to perform differently.

Answer

CEO Shantanu Narayen clarified that the FY26 target of approximately $2.6 billion in total net new ARR represents the highest beginning-of-year guide, indicating strong momentum across all three customer groups: business professionals and consumers, creators and creative professionals, and marketing professionals. He attributed this confidence to progress in Express and Acrobat (AI Assistant, PDF Spaces), Firefly in Creative Cloud and Creative Cloud Pro, Firefly Services, AEP and apps, GenStudio, brand visibility, and the pending Semrush acquisition.

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