Morgan Stanley Sees Mixed Factors For Adobe Systems Incorporated

In a report published Friday, Morgan Stanley analyst Jennifer Swanson Lowe reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “CS6 exiting the channel and seasonal strength in Education should drive strong Q3 subs adds, while we expect ARR to be more in line as ARPU continues to decline. We expect a good Q3, but worry about slower subs adds in FY15, which could be a headwind for the stock.” Adobe Systems closed on Thursday at $72.42.