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KeyBanc Downgrades Adobe Systems

KeyBanc downgraded its investment recommendation on shares of Adobe Systems (ADBE) to hold from buy.

Analyst Mark Schappel says the downgrade is based on his belief that: Adobe is trading above its peer group average, toward the upper end of its historical range; investors are likely to focus increasingly on enterprise software stocks as we approach the seasonally strong December quarter; and Adobe is facing more difficult year-over-year comparisons during the next 12 months. As a result, he expects Adobe to trade within a tight range over the near- to mid-term. Despite the downgrade, he thinks Adobe has a key franchise in markets it serves. Schappel kept his $1.72 fiscal 2004 (ending November) and $1.65 fiscal 2005 EPS estimates.

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