Adobe Down 3.6%; Citi Cuts to Neutral From Buy
October 16 2019 - 11:53AM
Dow Jones News
By Michael Dabaie
Adobe Inc. (ADBE) shares were down 3.6% to $269.38 in late
morning trading.
Citi Research cut the digital marketing and media solutions
company to Neutral from Buy and lowered its price target to $313
from $322.
"We are downgrading Adobe from Buy to Neutral based on concerns
about the ability to continue the financial momentum it has had
over the last 5+ years," the Citi note said "We see challenges in
the company posting meaningful upside to FY20 Street estimates and
see risks in a combination of core Digital Media drivers
decelerating, as well as street numbers around Digital Experience
being too high."
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
October 16, 2019 11:38 ET (15:38 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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