Market Overview

UPDATE: Stifel Nicolaus Lowers PT to $37 on Adobe Systems Post In-Line Q3

Related ADBE
Lionsgate Could Be Losing Billions To 'Hunger Games' Pirates
Adobe, Google Report Digital Type Breakthrough
The Tech Industry is Vanishing Before Our Eyes (Fox Business)

Stifel Nicolaus reiterated its Buy rating on Adobe Systems (NASDAQ: ADBE) but reduced its price target from $38 to $37.

Stifel Nicolaus commented, "Since launching a subscription option in May with Creative Cloud and Creative Suite 6.0 ("CS6"), Adobe's professional customers have moved faster than expected to adopt the new pricing model. … However, as a result Creative revenue is now expected to be lower in FY13 and we are again adjusting our model down. … 4Q guidance of $1,075-$1,125 (vs consensus $1,205) reflects a ~$94mn headwind from higher subscriptions, which also pressures Non-GAAP EPS to $0.56-$0.61 vs our previous $0.65 (consensus $0.67)."

Adobe Systems closed at $33.12 on Wednesday.

Posted-In: Stifel NicolausAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (ADBE)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters

Benzinga Professional