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Fly News Breaks for October 7, 2015
ADBE
Oct 7, 2015 | 09:11 EDT
After Adobe provided lower than expected fiscal 2016 guidance and the stock fell 3%, JMP Securities says the reduction in the company's guidance was largely caused by currency fluctuations and a faster-than-expected transition to a ratable revenue recognition model for certain businesses. The firm says that the "tone" of the company's business is "strong," while it's "well positioned in digital marketing and nearly has a monopoly in digital marketing." The firm thinks the stock could reach about $108. It keeps an $85 price target and Outperform rating on the shares.