BMO Capital Markets analyst Keith Bachman downgraded Adobe Systems Inc. ADBE, -7.06% shares to market perform from outperform Tuesday, though he noted that his ratings change reflected the results of a broader survey on interest in the company’s Creative Cloud suite of software rather than specific concerns about the upcoming quarterly results Adobe is due to report Thursday. “In short, respondents across the board expressed a greater willingness to move away from Adobe Creative Cloud in our August survey compared to our April survey,” Bachman wrote. “In particular, younger employees, and employees working for organizations with fewer than 5k employees expressed a higher probability for using competitors to Creative Cloud,” while older employees and those at bigger organizations seemed “more loyal” to the brand despite some deterioration in trends in August relative to April. “The findings from our surveys raise longer-term concerns,” he continued. Bachman added that he has more “neutral” expectations for Adobe’s forthcoming report, as he anticipates strong margins due in part to a reduced rate of hiring. “Creative Cloud price increases will help with growth rates, but we think macro weakness and elasticity could mitigate the actual impact,” he wrote. Bachman joins Mizuho’s Gregg Moskowitz, who downgraded Adobe’s stock Monday. The shares have lost 30% so far this year as the S&P 500 SPX, -4.32% has declined 14%.