Shares of Adobe Systems Inc. are down 3.3% in premarket trading Friday, after the software company reported beats that weren’t “as clean” as others in the past, according to J.P. Morgan analyst Sterling Auty. He wrote that while revenue and earnings beat expectations, the company’s annual recurring revenue was only in line. In addition, he said that the company’s earnings beat “really came from below the line items.” Auty raised his price target on the stock to $260 from $235, though he maintained his neutral rating. The stock closed Thursday near $250. Stifel’s Tom Roderick also raised his price target, to $275 from $250. “Adobe’s 2Q results were sterling, as typical, with revenue beating consensus by $35mn and EPS beating by $0.12,” Roderick wrote. “Perhaps investors were looking for a bit more of an aggressive 3Q18 guide given the big 2Q beat.” He has a buy rating on the stock. Adobe shares are up 88% over the past 12 months, while the S&P 500 has gained 14%.