UPDATE: Piper Jaffray Raises PT to $43 on Adobe Systems on Recurring Revenue Progress

Piper Jaffray maintained Adobe Systems (NASDAQ: ADBE) with a Neutral rating and raised the price target from $39.00 to $43.00.Piper Jaffray analyst Michael Olson noted, "Adobe reported a solid Q1 and continues show a solid trajectory towards increasing subscription adoption. The company ended the quarter with 497k Creative Cloud subscribers, up from 326k at the end of Q4. The company is clearly on a path towards a recurring model that will, importantly, drive increasing revenue per customer. While FY13 is a transition year, the Street appears to be looking through to '14. We remain neutral as we believe the positive factors or transition to subscription are largely factored into current ADBE valuation."Adobe Systems closed at $40.75 on Tuesday.