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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