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UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Adobe Systems

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Pivotal Research Initiates Adobe Systems At Buy
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In a report published Friday, Deutsche Bank reiterated its Buy rating on Adobe Systems (NASDAQ: ADBE), and raised its price target from $40.00 to $45.00.

Deutsche Bank noted, “Adobe reported revenue of $1.153b vs us/Street at $1.1b and EPS of $0.61, which was inline with us/Street at $0.61/$0.57. The quarter was impacted by $98m due to continuing shift to subscription/ratable revenue along with a $13.7m FX headwind. Making these adjustments, organic revenue would have been 8%, same as in 3Q12, but slightly lower than 14% in 4Q11. Recall that the company has been willingly reducing revenue of the LiveCycle business. The early adoption metrics of the Creative Cloud by individuals and teams are compelling. We are encouraged by the company's prospects to navigate through this transition. Reiterate Buy and $45PT (up from $40).”

Adobe Systems closed on Thursday at $35.53.

Latest Ratings for ADBE

DateFirmActionFromTo
Feb 2015Pivotal ResearchInitiates Coverage onBuy
Dec 2014Bank of AmericaMaintainsBuy
Dec 2014Credit SuisseMaintainsNeutral

View More Analyst Ratings for ADBE
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Price Target Analyst Ratings

 

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