Stifel Nicolaus Maintains Buy on Adobe Systems

Stifel Nicolaus is out with its report today on Adobe Systems

, maintaining Buy. In its report, Stifel Nicolaus writes, "We are leaving our estimates for Adobe unchanged. Adobe is trading at 10.2x P/E on our FY11E and 9.1x FY12e. Ongoing headwinds in Europe and comparable multiple contraction are pressuring the stock price. Longer term we remain positive on Adobe as we believe it is well positioned for the ongoing shift of media industry and enterprise content to the web. Buy." Stifel Nicolaus maintains a $38 PT on ADBE. At the time of posting, shares of ADBE were trading at $23.01, down 1.07% from Monday's close.