UPDATE: Stifel Nicolaus Raises PT to $38 on Adobe Systems on Fiscal Year 2013 Expectations

Stifel Nicolaus reiterates its Buy rating on Adobe Systems ADBE and raises its price target from $36 to $38. Stifel Nicolaus notes, "With the passage of time, we are rolling forward our valuation to FY13 (was blended FY12-13). We maintain our Buy rating with a target price of $38 (was $36), which equates to 14.0x P/E on our FY13 estimate. Short term, we are concerned that restructuring, Europe, and pricing model changes could further pressure revenue. Longer term, we remain positive on Adobe stock as we believe it remains well positioned for the ongoing shift of media, advertising, and enterprise content to the web." ADBE closed at $32.89 on Tuesday.