UPDATE: Piper Jaffray Lowering Price Target On Adobe

Piper Jaffray is out with a research report on Adobe ADBE and is lowering its price target to $30 from $36, but is keeping its Neutral rating on shares. In a note to clients, Piper Jaffray writes, "Checks with half (10) of Adobe's 20 US license distributors suggest Aug. quarter (Q3) results slightly above consensus. Distributors, on average, saw their Adobe business up 4% q/q in the Aug. quarter, slightly ahead of consensus overall Adobe revenue up 1% q/q. A majority of the same distributors also indicated that the health of their customers is the same or better than 6 months ago. Factoring in international, this data suggests slight Aug. quarter upside. Looking out to the Nov. quarter, reseller expectations are in-line with consensus, expecting revenue to increase slightly sequentially." Shares of ADBE lost 32 cents yesterday to close at $25.19, a loss of 1.27%.