UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Adobe Systems on Recent Outperformance

In a report published Wednesday, Jefferies analyst Ross MacMillan reiterated a Buy rating on Adobe Systems

, and raised the price target from $41.00 to $43.00. In the report, MacMillan noted, “ADBE beat on revs/ EPS, but importantly on CC sub adds and ARR, deferred rev and CFFO. F2Q13 guide seems very achievable, but sub adds need to accelerate in 2H13. We think mgmt will use higher license prices/ CC Enterprise launch to drive subs in 2H. On valuation, the market is looking straight through FY13 and out to FY15/16. We maintain our Hold due to recent stock outperformance, but see the merits of the biz model transition.” Adobe Systems closed on Tuesday at $40.75.