UPDATE: Piper Jaffray Raises Adobe's PT

According to a research report published earlier today, Piper Jaffray has increased Adobe Systems' ABDE PT from $30 to $32 following positive Q1 results. Piper Jaffray commented in the report, “Q1 revenue of $1.045b and non-GAAP EPS of $0.57 were both in-line with the Street's $1.05b and $0.57 expectations. Given after-market stock action, investors were expecting a slight beat, but a slowdown in Creative Suite upgrades ahead of CS6 impacted results. We believe CS6 will prove to be a significant upgrade, with 80% of respondents in our recent 50 customer survey suggesting they will upgrade, up from only 37% upgrade intention with CS5.5. Looking to Q2, consistent with our distributor checks, Adobe guided the overall revenue midpoint to $1.115b, essentially in-line with Street consensus of $1.10b. FY12 is a transition year for Adobe, given the changes in the company's enterprise segment and increased focus on digital media & digital marketing.” Piper Jaffray maintains its Neutral rating on Adobe Systems, which closed yesterday at $33.82.