Adobe, the subject of a lot of Wall Street downgrades lately, pre-announced Wednesday and said it will fall short of its revenue target of $800 million-$850 million for the February quarter.

Instead it should clear 30 cents a share (GAAP) on revenues of $783 million-$786 million,

That would be 44 cents or 45 cents a share on a non-GAAP basis. The numbers work out to a 26%-26.5% gross margin on a GAAP basis and 37%-37.5% on a non-GAAP basis, slightly less than it had hoped for but within range thanks to cost controls.

Everybody knows that Adobe’s Creative Suite 4 hasn’t been selling because of economic austerity and the company agreed lack of upgrade sales was to blame. It said that seasonal strength in Japan, as well as success with its LiveCycle enterprise business, helped to offset some of the weakness in the quarter.

It guided to revenues this quarter of $675 million to $725 million, with an operating margin of 21%-26% (GAAP) and 32%-36% (non-GAAP).

The company is scheduled to post its formal fiscal Q1 results on March 17.

Adobe's CTO giving a Keynote at AJAXWorld RIA Conference & Expo, in San Jose, California