UPDATE: Bank Of America Reiterates On Adobe Systems On Strong End To FY14

In a report published Friday, Bank of America analyst Kash Rangan reiterated a Buy rating on

, and raised the price target from $80.00 to $90.00. In the report, Bank of America noted, “We are raising our PO to $90 on the back of a very strong Q4 and outlook from ADBE. New Creative Cloud (CC) subs for the Nov Q came in at 644k new sub added vs our est. of 542k (already highest on the Street). Operating margins were very strong coming in higher than expected at 22% vs. our est. of 19% and EPS at $0.36 vs. our est. $0.29 (consensus at $0.30).” Adobe Systems closed on Thursday at $69.74.