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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