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UPDATE: Goldman Sachs Reiterates Sell Rating, Raises PT on Adobe Systems

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In a report published Friday, Goldman Sachs Group reiterated its Sell rating on Adobe Systems (NASDAQ: ADBE), and raised its price target from $24.00 to $27.00.

Goldman Sachs noted, “Given we expect management to use promotion in the near-term to build subscription revenue, we estimate that it will take until FY16 before non-GAAP EPS in the future period will be on par with the $2.36 registered in FY12. We are raising our 12-month price target to $27 from $24 (DCF, EV/Sales and P/E based) as we move to normalized sales and non-GAAP EPS (FY16 discounted back at Adobe's WACC) given the outsized impact the shift to subscription revenue has on sales and earnings.”

Adobe Systems closed on Thursday at $35.53.

Latest Ratings for ADBE

DateFirmActionFromTo
May 2015JP MorganInitiates Coverage onOverweight
Apr 2015Stephens & Co.Initiates Coverage onOverweight
Mar 2015CitigroupMaintainsBuy

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Posted-In: Goldman Sachs GroupAnalyst Color Price Target Analyst Ratings

 

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