BUZZ-Adobe slips on announcing CEO resignation without successor

Reuters

03/13

BUZZ-<a href="https://laohu8.com/S/ADBE">Adobe</a> slips on announcing CEO resignation without successor

** Adobe ADBE.O slips ~9% to $245.71 premarket

** Co says longtime CEO Shantanu Narayen to resign once successor is appointed

** Melius Research says not surprised Narayen quitting after 18 years, but "bit surprised" he's doing so without successor or any strategic shift

** Brokerage, at least five others slash PT following news

** Co's Q1 revenue of $6.4 bln above estimate of $6.28 bln

** People will likely talk about Annual Recurring Revenue being a little light and CEO transition despite solid quarter, Melius Research says

** Stock rated "buy" on average; median PT is $335, per data compiled by LSEG

** As of last close, ADBE down ~23% this year

(Reporting by Akriti Shah in Bengaluru)

((akriti.shah@thomsonreuters.com))

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xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BUZZ-<a href=\"https://laohu8.com/S/ADBE\">Adobe</a> slips on announcing CEO resignation without successor</title></head><body><p>** Adobe <span>ADBE.O</span> slips ~9% to $245.71 premarket</p><p>** Co says longtime <span>CEO</span> Shantanu Narayen to resign once successor is appointed</p><p>** Melius Research says not surprised Narayen quitting after 18 years, but \"bit surprised\" he's doing so without successor or any strategic shift</p><p>** Brokerage, at least five others slash PT following news</p><p>** Co's Q1 revenue of $6.4 bln above estimate of $6.28 bln</p><p>** People will likely talk about Annual Recurring Revenue being a little light and CEO transition despite solid quarter, Melius Research says</p><p>** Stock rated \"buy\" on average; median PT is $335, per data compiled by LSEG</p><p>** As of last close, ADBE down ~23% this year</p><p> (Reporting by Akriti Shah in Bengaluru)</p><p> 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