The analyst made a downgrade move just three days before the company is due to report FQ3 earnings as he believes Adobe is operating in a "more difficult environment than expected." "While we believe ADBE guided conservatively enough for F3Q, we wouldn't be surprised by a guide down for F4Q. We also believe Street revenue and EPS estimates for FY23 look too high. In our view, ADBE remains well-positioned to benefit from digital transformation with its highly comprehensive end-to-end offering," the analyst said in a client note.