UPDATE: Credit Suisse Lowers PT to $30 on Adobe System

Credit Suisse reiterates a Neutral rating on Adobe Systems

and lowers its price target from $31 to $30. Credit Suisse comments, “Adobe's Digital Media and Print & Publishing segments exceeded expectations, offsetting slower growth in the company's Digital Marketing segment. Specifically, Digital Media revenue of $818.4 million exceeded consensus estimates of $797.0 million, driven by the launch of CS6 as well as a large ~$10 million contract in Document Services. Despite the relative upside to estimates during the May quarter, Adobe provided guidance for the August quarter for revenue of $1,075- 1,125 million versus consensus $1,147 million and for the full year of 6-7% revenue growth versus prior guidance of 6-8%. Within this guidance, we view the implied revenue uplift for the November quarter from the midpoint of the August guidance as relatively aggressive.” ADBE closed at $32.89 on Tuesday.