Jefferies reduces its rating on Adobe Systems ADBE 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.
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