Deutsche Banks Reports Solid 1Q For ADBE

Deutsche Bank has issued a report on Adobe Systems' ADBE sold first quarter. According to Deutsche Bank, "Adobe reported an in-line 1Q11 at $1,028m/$0.58 vs. our $1,032m/$0.58 and consensus of $1,027m/$0.57. CS5 and Acrobat 10 were both up sequentially while the Omniture segment ticked up only slightly from seasonality. The company guided 2Q assuming about a $50m revenue impact from Japan, which at the midpoint was about $40m and $0.07 below consensus. We expect that Japan will gradually recover through the year and that cost discipline will protect earnings downside." ADBE has a Buy Rating and a $43.00 Price Target. ADBE closed yesterday at $32.88 a share.