UPDATE: Jefferies Downgrades Adobe Systems to Hold on Near-Term Revenue Risk

Jefferies reduces its rating on Adobe Systems

from Buy to Hold and lowers its price target form $38 to $32. Jefferies comments, "Our downgrade is based on higher near-term revenue risk due to potentially stronger Creative Cloud subscription adoption on promotional pricing; a downtick in Creative Professional growth expectations; and a CS6 cycle where adoption looks consistent to only modestly better than recent cycles. We also update our thoughts on risks from open standards in web/ mobile development and prosumer product competition." ADBE closed at $31.79 on Wednesday.