bank of america is bailing on shares of adobe at least until it gets further clarity on its latest acquisition analyst brad sills downgraded shares of the technology company to neutral from buy saying in a note to clients that the stock is a show me story as its deal to purchase design software firm figma awaits a close we believe the proposed acquisition is likely to represent an overhang until deal close and the value of a such a large acquisition 14 of market cap becomes more clear he said adobe said thursday it plans to purchase figma in a cash and stock deal worth 20 billion in its last funding round the company was valued at just 10 billion  on the back of the news and its fiscal thirdquarter earnings results adobes stock dropped about 17 marking its biggest oneday drop in over a decade going forward sills sees longterm value in adobes purchase of figma especially given its proven track record of utilizing acquisitions to support its market position but nearterm tailwinds remain murky the 3yr horizon for accretion suggests little nearterm revoperating income synergy sills said also the steep valuation 50x c22 rev suggests that figma represents a formidable competitive threat stand alone sills slashed his adobe price target to 350 per share from 450 the new target implies upside of 13 from thursdays close along with bank of america barclays saket kalia downgraded adobe to equal weight from overweight saying in a note to clients that he expects earnings per share growth to stall over the next year we think adbe does have levers on this dilution so ball is in their court  but this deal makes it hard to argue for multiple expansion and with little eps growth next year we think this performs inline with our coverage rather than outperforming he said adobes stock is down more than 45 this year and sits about 56 off its 52week high shares fell another 2 in premarket trading friday cnbcs michael bloom contributed reporting