Adobe shares fall on another downgrade ahead of earnings report
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Adobe (NASDAQ:ADBE) shares fell more than 4%, Tuesday, as another Wall Street analyst downgraded the creative-software company ahead of its fiscal third-quarter results this week.
Keith Bachman, of BMO Capital Markets, became the latest analyst to cut his view on Adobe's (ADBE) stock to market perform, or the equivalent of neutral, from outperform, and also took down his earnings and revenue forecasts for the company's 2022 and 2023 fiscal years.
Bachman said he made his moves because there are "too many concerns" about Abode's (ADBE) Creative Cloud offerings, in particular. Bachman said an August survey of 420 respondents such as professionals, freelancers and students shows Adobe (ADBE) users are considering products from other competitors more now than when BMO conducted a similar survey in April. 
Another concern, according to Bachman, is that younger employees are dropping Adobe (ADBE) for other products.
"If Adobe loses younger professionals, this would have a major negative impact on its long-term positioning," Bachman said. "These workers [are the ones] who move up in the ranks and make decisions on tech spend[ing] and training."
Wall Street analysts currently expect Adobe (ADBE) to report a third-quarter profit of $3.35 a share, on $4.44B in revenue when it delivers its results after Thursday's market close.
Bachman's downgrade came one day after Mizuho analyst Gregg Moskowitz cut his rating on Adobe's (ADBE) stock due to a "more difficult environment than expected."