Software maker

Adobe Systems

(ADBE) - Get Report

was up 7% in preopen

Island

trading after posting first-quarter earnings of 33 cents a share, beating analysts' reduced estimates of 28 cents and up from 24 cents in the year-ago period.

However, the company lowered its second-quarter revenue guidance, blaming the slowing economy.

Prudential Securities

cut its price target to $45 from $65.

Credit Suisse First Boston

upgraded Adobe to buy from hold.