UPDATE: Deutsche Bank Reiterates on Adobe Systems Following Solid 4Q13 Report

In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on

, and raised the price target from $58.00 to $65.00. In the report, Deutsche Bank noted, “Subscriptions ahead of plan. ADBE delivered 4Q13 numbers of $1.04b/$0.32, with revenues exceeding street estimates of $1.03b, and EPS in-line. Net sub adds of 402k beat estimates of 356K, and ARR of $911m was also ahead of estimates of $869m. Although the company guided to flat FY14 revenues, ARR will continue to grow and reported revenues will start growing sequentially beginning 2H of FY14. The company guided to total revenue CAGR of 20% from FY14 – FY16 with Digital Media revenue CAGR of 20% (up from 15%) and Digital Marketing CAGR of 25% (up from 20%). Guidance leaves room for upside and we reiterate our BUY and raise PT from $58 to $65.” Adobe Systems closed on Thursday at $53.99.