Shares of Adobe Systems fell 7 percent Tuesday after a market analyst downgraded the company's stock from "market perform" to "underperform."
Share closed at $22.10, down $1.66, after FBR Research analyst David Hilal said in a research note that he cut his rating on Adobe's stock because the "shares have risen to a point where the risk-reward profile is unfavorable." Hilal also said Adobe depends too much on new unit sales and lacks recurring revenue from existing customers.
In other news, Adobe announced that former Yahoo executive Dan Rosensweig had joined the company's board of directors. Rosensweig, who served as Yahoo's chief operating officer for nearly five years before departing in 2006, was previously president of CNET Networks, publisher of CNET News..
Adobe also announced that board members Colleen Pouliot and Delbert Yocam would retire, effective March 31. Pouliot has served on the board since 2001, and Yocam has served for 18 years, Adobe said.
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