Piper Jaffray Previews Q2 Results On ADBE

Piper Jaffray is maintaining its Neutral rating and $36 price target on Adobe Systems

in advance of the compnay's Q2 results, to be released Tuesday. Says Piper Jaffray, in its report, “Adobe will report Q2 (May-11) results on 6/21. Based on domestic distributor checks and domestic NPD data suggesting slight upside coupled with conservative international & Japan guidance, we expect Q2 results slightly above consensus of $0.51 on $994.8m. For Q3, we expect the company's guidance to bracket consensus expectations for revenue and EPS. At 12x FY12E EPS, ADBE shares trade at a discount to what we expect will be mid teens long-term EPS growth.” ADBE closed at $30.80 yesterday.