Adobe (ADBE) fiscal Q1 earnings point to a shift in growth towards Acrobat/PDF tech and away from its creative segment, UBS said in a note Thursday.

The company's move to take away the historical Creative-Document split of its Digital Media division came as a surprise, UBS analysts said. They cited the decision to remove the Creative annual recurring revenue disclosure, and segment disclosure of Acrobat signal the latter is faster-growing segment.

All of these talking points messaged that the core creative segment of the company, which has been the focus of Adobe since inception, is likely slowing or maturing, the analysts said. The core growth engine now shifts to Acrobat, they noted.

The analysts also said that the company's recent results were "slightly disappointing," with its net new annual recurring revenue of approximately $410 million at the low end of investor expectations.

UBS lowered its price target for Adobe to $460 from $475 and reaffirmed the neutral rating.

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