Software Stocks Rebound Despite UBS Downgrade (ADBE, CRM, INTU, SYMC)

Shares of some of the top software providers are bouncing this morning following a downgrade by a UBS analyst.

UBS's Heather Bellini downgraded Adobe Systems (Nasdaq: ADBE) and Intuit (Nasdaq: INTU) from Neutral to Sell, Symantec (Nasdaq: SYMC) from Buy to Neutral and Salesforce.com (NYSE: CRM), the largest seller of web-based customer management software, all the way from Buy to Sell.

The analyst cited "the prospect of slowing sales" and downside in the companies' foreign sales as the dollar strengthens. Bellini also believes that each of the software companies are "leaning toward setting very conservative fourth-quarter goals" given "higher levels of scrutiny" from clients.

As a result of a reduction in earnings estimates, Bellini also lowered price targets for each of the software stocks. UBS lowered its target on Adobe to $34, Intuit to $30, Salesforce.com to $44 and Symantec to $26.

After opening today's trading session substantially lower than yesterday's close, each of the names have now come off intraday lows: shares of Adobe are currently trading about 2.5% higher to $36.10, Intuit is attempting to break into positive territory, currently down about 0.50% to $29.76, Salesforce.com is up 3.5% to $45.75 and Symantec is up about 0.7% to $17.95.

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