Updated Adobe story with corrected sales forecast percentage miss.
NEW YORK, (
was greeted by a round of analysts downgrades that sent the stock tumbling Wednesday.
The Web software shop slashed its November sales forecast $55 million or 5% below analysts' targets Tuesday blaming a slump in demand in education markets and an overall weakness in its creative suite products.
chief Steve Jobs
franchise did not help improve the outlook for the segment. Adobe's creative suite includes applications like Flash, Photoshop and Acrobat.
Adobe was downgraded by at least four analyst firms Wednesday, with price targets cut from the $40 range to the $30 range.
Adobe shares fell 21% to $26.04 in premarket trading Wednesday.
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