Jefferies Downgrades Adobe (ADBE) to Hold

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Jefferies downgraded Adobe (NASDAQ: ADBE) from Buy to Hold with a price target of $32.00 (from $38.00).

The firm 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."

For an analyst ratings summary and ratings history on Adobe click here. For more ratings news on Adobe click here.

Shares of Adobe closed at $31.79 yesterday, with a 52 week range of $22.67-$34.78.

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