Adobe (ADBE) Target Raised to $58 at Deutsche Bank

September 18, 2013 10:10 AM EDT
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Price: $107.07 -0.83%

Rating Summary:
    24 Buy, 11 Hold, 1 Sell

Rating Trend: Down Down

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    Up: 0 | Down: 0 | New: 0
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Deutsche Bank maintained a Buy rating on Adobe (NASDAQ: ADBE) and raised its price target to $58.00 (from $52.00). The change follow positive Q2 results.

"Investors have looked past the lowered estimates and given the company credit for gains in deferred revenue and subscriber count, both of which have exceeded expectations," said analyst Nandan Amladi.

"We revise 4Q13 and FY14 estimates and raise our PT to $58 on consistent
execution through what is typically a chaotic transition to a subscription
model. Our $58 PT is based on an FY14 uFCF of $2.75 per share (from $2.81)
and an EV/uFCF/G multiple of 1.2x (from 1.0x), a premium to the enterprise
software group, and a 5-year uFCF growth of 16% (unchanged)," he added.

For an analyst ratings summary and ratings history on Adobe click here. For more ratings news on Adobe click here.

Shares of Adobe closed at $48.14 yesterday.

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