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Macromedia (MACR ): Downgrades to 3 STARS (hold) from 4 STARS (buy)
Analyst: Scott Kessler

Macromedia shares rose 51% from Sept. 3 through the close on Friday, Nov. 19. Reflecting revised comparative p-e and p-e-to-growth analyses involving constituents of the S&P 400 Software Industry, we are raising our target price for Macromedia to $29 from $27. However, we are downgrading the stock based on valuation. Following its recent appreciation, we believe Macromedia is reasonably valued and offers only average appreciation potential.
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