Citigroup Maintains Buy, $35 Target on Adobe

Citigroup reiterates its Buy rating and $35 target price on Adobe Systems (NASDAQ: ADBE) as upcoming FQ4 earnings preview may prove uninspiring.

Citi says, “Fundamental inputs suggest company is likely to report results at low-end of guidance and revenue inline with our $1.08B (street $1.09B), while a focus on costs should drive EPS of $0.61 (street $0.60). Tepid results from our VAR reseller results, modest FX headwinds and re-alignment of enterprise priorities will make any upside appear difficult.”

ADBE closed at $28.04 per share on Friday.