Goldman Sachs Reiterates Sell, $24 Target on Adobe

Goldman Sachs maintains its Sell rating and $24 target price on Adobe (NASDAQ: ADBE) as the company delivered results above expectations on F4Q2011.

Goldman Sachs notes, "Revenue and non-GAAP EPS handily beat consensus, with revenue coming in at $1.15 bn, better than guidance for $1.075-1.125bn, while non-GAAP EPS of $0.67 came in ahead of management's $0.57-0.64 range. The revenue outperformance was driven primarily by Digital Enterprise and Digital Media segments. ...We would become more constructive on the shares if we saw the CS6 subscription offering as helping to drive a faster migration to subscription revenue, driven by an increase in the company's creative user base."

ADBE closed at $26.46 per share on Thursday.