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Jefferies' Ross MacMillan is worried about Adobe's (ADBE -0.3%) transition to a cloud...

  • Thursday, June 14, 2012, 12:39 PM ET
    Jefferies' Ross MacMillan is worried about Adobe's (ADBE -0.3%) transition to a cloud subscription model for its flagship Creative Suite product, and is downgrading shares to Hold as a result. Whereas Adobe receives huge up-front licensing fees for traditional Creative Suite sales, it receives monthly subscription revenue for Creative Cloud, and MacMillan believes that, along with a recent 40%-off promotion, could hurt Adobe's near-term top-line.
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    There are some small signs of backlash on the subscription model. I sold off my shares in ADBE earlier this year at a profit, after I heard about their cloud move. While it may combat piracy of their software, it appears to be alienating long term users.
    14 Jun 2012, 01:35 PM Reply Like
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