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UPDATE: Goldman Sachs Raises PT to $30 on Adobe Systems; Net Add Forecasts Likely Conservative

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Goldman Sachs maintained Adobe Systems (NASDAQ: ADBE) with a Sell rating and raised the price target from $27.00 to $30.00.

Goldman Sachs commented, "We expect investors to be focused on the company's continued creative cloud subscription migration. We estimate ADBE added 117k net new subscribers in F1Q13 at an ASP of $37/ month; as such, we are forecasting subscription revenue of $42mn in the period. Management had guided for net new subscribers to come in below the 132k added in the November quarter. We view our net add forecast as very reasonable and would not be surprised if there was slight upside to our forecast."

Adobe Systems closed at $41.29 on Wednesday.

Latest Ratings for ADBE

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

View More Analyst Ratings for ADBE
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Posted-In: Goldman SachsAnalyst Color Price Target Analyst Ratings

 

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