UPDATE: Jefferies Upgrades Adobe Systems Following Creative Cloud Model Transition Analysis

In a report published Wednesday, Jefferies analyst Ross MacMillan upgraded Adobe Systems ADBE from Hold to Buy, and raised the price target from $45.00 to $57.00.

In the report, Jefferies noted, “Our fresh analysis of the Creative Cloud (CC) model transition leads to a base-case of >$4.00 a share in NG-EPS on an end FY16 run-rate. While we have missed the stock move so far, we have increased conviction on the multi-year shift and highlight new user growth, point-product transition and churn as areas of upside. With a fresh look, we think the risk-reward at the current stock price remains attractive. Move to Buy with a $57PT.”

Adobe Systems closed on Tuesday at $44.37.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorUpgradesAnalyst RatingsJefferiesRoss MacMillan
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!