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))