JMP Securities analyst Patrick Walravens kept his Market Perform rating on Adobe after its Q2 results, saying that while the company beat on earnings, its Q4 guidance was disappointing as the management reduced its expectations for Digital Experience subscription bookings growth from about 25% to "greater than 20%". The analyst notes that the company's Digital Media business is still "cranking" with 22% revenue growth but believes that Adobe needs to focus on the integration of the Magento and Marketo assets acquired last year. Walravens adds that the stock is "fairly valued", trading at 29-times expected forward earnings vs. large-cap software peer group average multiple of 21-times.