A survey from the firm showed that respondents are willing to move away from the brand, especially younger workers.
There are longer term concerns around the durability of Adobe's Creative Cloud, according to BMO Capital Markets. Analyst Keith Bachman downgraded shares of Adobe to market perform from outperform, and reduced 2022 and 2023 estimates. "We are moving to the sidelines on Adobe, and our timing is driven by receiving the second set of survey data focused on Adobe's Creative Cloud, not the upcoming quarter.
Meanwhile, employees 45 years and older, as well as workers at big companies, were "more loyal" to the Adobe brand, though the trend declined in the April to August period, according to the note. "The findings from our surveys raise longer-term concerns," Bachman wrote.
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