Slew of analysts downgrade Adobe on weak outlook; stock tumbles

“Adobe’s (ADBE) weak outlook was greeted by a round of analysts downgrades [price targets cut from the $40 range to the $30 range] that sent the stock tumbling Wednesday,” Scott Moritz reports for TheStreet.com.

MacDailyNews Take: At least now Adobe’s outlook matches their collective work ethic.

Moritz reports, “The Web software shop slashed its November sales forecast 25% below analysts’ targets Tuesday blaming a slump in demand in education markets and an overall weakness in its creative suite products.”

MacDailyNews Note: In pre-market trading, Adobe shares are down $7.01, or -21.28, at $25.93. ADBE opened yesterday at $33.66.

“Certainly Apple chief Steve Jobs condemnation of Adobe’s Flash franchise did not help improve the outlook for the segment,” Moritz reports.

Full article here.

MacDailyNews Take: Couldn’t happen to a more deserving bunch of lazy ingrates.

Soon, Steve will be able to buy the company with petty cash and begin rewriting Photoshop, Illustrator, and Dreamweaver with clean code (while discontinuing the Windows versions) and killing the mess that is Flash (cleanly as opposed to torturously).