UPDATE: Goldman Sachs Raises PT on Adobe Systems after Solid Quarter

In a report published Wednesday, Goldman Sachs analyst Heather Bellini reiterated a Sell rating on Adobe Systems

, and raised the price target from $30.00 to $34.00. In the report, Bellini noted, “Adobe posted another solid quarter along its migration to subscription revenue, exceeding even the most bullish forecasts in terms of new subscriber adds. Revenue and non-GAAP EPS of $1.01bn and $0.35 beat consensus of $985mn and $0.31 (GSe: $978mn/ $0.31). Below the line items added $0.02 to non-GAAP EPS versus our forecast and non-GAAP operating margin came in at 23.9%, 140bps ahead of consensus. ADBE added 153K net new subscriptions in F1Q (excluding ETLA users), which is the key figure of investor focus and was better than guidance for fewer than 132K (GSe: 117K). Creative ARR (annualized recurring revenue) was $233mn, better than the F1Q13 target for $215mn and $153mn in F4Q12.” Adobe Systems closed on Tuesday at $40.75.