Citi Removes Adobe Systems from "Most Preferred" List

Citi removed Adobe Systems (NASDAQ: ADBE) from its "Most Preferred" list. In a research report published today, Citi remained positive on the company's long-term outlook. Citi currently has a Buy rating and a price target of $42 placed on the company's stock.In the report, Citi states, "Drivers remain intact, namely growth in content authoring and transition to online and mobile delivery, which we believe will drive 10% growth... We are maintaining our $42 price target, which is based on the low-end of the historical valuation range. We are removing ADBE Adobe from CIRA's 3-month “Most Preferred” relative call and replacing it with VRSN." On Tuesday, Adobe added 3.42% to its value to end the day at $32.01. Its shares lost all of yesterday's gains in today's pre-market trading, however, slumping 3.78% to $30.80.