UBS Boosts Adobe Price Target To $130 - Adobe (NASDAQ:ADBE)

On Wednesday, UBS upped its price target on the shares of Buy-rated

Adobe Systems IncorporatedADBE

to $130 from $122. The firm feels the revised target might prove conservative, with the bullish stance attributed to its belief that the stock still has room to run despite trading near record levels. Strong third-quarter results across all clouds and operating leverage vouch for a higher valuation, according to the firm.

Analyst Brent Thill believes the stock could run to $150 if its earnings per share touches $6 in 2019. Some of the momentum drivers include more room for base migration and addition of new customers for creative cloud, Japan and German excelling, renewal at full price from discounts and digital content explosion across web and mobile.

UBS highlighted the MAX user conference on November 2 to 4 as the next catalyst, when an early view into the 2017 outlook could be received.

At last check, Adobe shares were up 6.36 percent at $107.02.

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