Adobe Guidance is "Too Optimistic," Says Global Equities Research

In an e-mail update on Adobe

, Global Equities Research analyst Trip Chowdhry provided some color on the troubled Photoshop maker.

“Our data points don't match with the guidance ADBE provided,” Chowdhry, the Managing Director of Equity Research, wrote. “Adobe guidance is too optimistic. “ADBE HTML5 authoring tool EDGE is a very good tool, but it is free; it lacks the business model to generate revenues. “We still don't see any revenue catalysts for the company, and…ADBE stock will probably move side-ways for the next 2 - 3 qtrs.” On Monday, Global Equities Research provided its

for Adobe, citing weaker fundamentals and the decline of Flash as reasons for concern.