Citi Removes Adobe Systems from "Most Preferred" List

Citi removed Adobe Systems ADBE from its "Most Preferred" list. In a research report published today, Citi remained positive on the company's long-term outlook. Citi currently has a Buy rating and a price target of $42 placed on the company's stock. In the report, Citi states, "Drivers remain intact, namely growth in content authoring and transition to online and mobile delivery, which we believe will drive 10% growth... We are maintaining our $42 price target, which is based on the low-end of the historical valuation range. We are removing ADBE Adobe from CIRA's 3-month “Most Preferred” relative call and replacing it with VRSN." On Tuesday, Adobe added 3.42% to its value to end the day at $32.01. Its shares lost all of yesterday's gains in today's pre-market trading, however, slumping 3.78% to $30.80.