BUZZ-Deutsche Bank downgrades Adobe on uncertainty over Firefly growth

** Photoshop-maker Adobe's ADBE.O shares fall 1.1% to $417.90

** Deutsche Bank downgrades company's shares to "hold" from "buy"; slashes PT to $475 from $600

** Brokerage expects stock to remain range-bound until company shows more tangible evidence of monetization from AI efforts

** Brokerage says impact of Firefly, Adobe's generative AI app, yet to be seen on its financial statements

** Not quantifying the impact of headwinds casts doubts over the health of the Creative Cloud segment - DB

** 29 analysts rate stock "buy" or higher, 9 "hold" and 2 "sell", median PT $600 - LSEG

** ADBE shares lost more than 25% in 2023

(Reporting by Purvi Agarwal in Bengaluru)

((Purvi.Agarwal@thomsonreuters.com))