Salomon Smith Barney downgraded its investment recommendation on shares of Macromedia (MACR) to outperform from buy.
Analyst Jonathan Rosenzweig says he remains very enthusiastic about the Macromedia story, and maintains it as his top pick in the imaging sector over the long term. But he fears that difficult conditions in the tech market -- and the economy - could impact his top line growth assumptions for fiscal 2002 (Mar.).
The analyst cut his revenue growth targets for fiscal 2002, though his earnings per share estimates remain unchanged. He also reduced his $106 price target on the shares to $75-$80.