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

In a report published Friday, Deutsche Bank reiterated its Buy rating on Adobe Systems

, and raised its price target from $45.00 to $47.00. Deutsche Bank noted, “This year's Adobe Marketing Summit hosted 5k attendees, up from 4k last year. The highlight of the event was the announcement of the Marketing Cloud and streamlining of 27 point products into 5 solutions to address the specific needs of marketing departments. All these announcements continue to bring closer to reality an ERP system for digital marketers - something that we've discussed for a couple of years now. The two days we spent at the event reinforced our bullish view of the opportunity for Adobe's Digital Marketing suite to deliver sustained 20% growth. Reiterate Buy and $47 PT (up from $45).” Adobe Systems closed on Thursday at $41.50.