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Fly News Breaks for September 18, 2019
ADBE
Sep 18, 2019 | 07:09 EDT
BMO Capital analyst Keith Bachman lowered his price target on Adobe to $310, saying its Q3 results were disappointing with the management lowering its expected FY19 Digital Experience bookings growth guidance even though the billings growth was "solid". The analyst adds that Adobe's outlook for Digital Experience implies a FY19 growth of 31% - lower than its prior forecast of 34% - which he attributes to lower consulting revenues from slower implementation of the Digital Experience Platform and from weaker Marketo sales. Longer term, Bachman maintains his Outperform rating on Adobe with a positive view on the "sustainable advantage" of its next-generation digital marketing hub and continued earnings upside.