Adobe Systems (ADBE): Raising PT After A Beat And Raise Quarter - Cowen
- Euro and global stocks hold Italy-related gains ahead of ECB
- Roper Industries (ROP) to acquire Deltek in $2.8B Deal
- GoDaddy (GDDY) to Acquire Host Europe Group in ~$1.8B Deal
- Amazon (AMZN) Could Open Over 2,000 Brick-and Mortar Groceries if Tests Succeed - DJ; Kroger (KR) on Watch
- Trump's corporate tax holiday could spur pharma M&A
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Cowen analyst, Derrick Wood, reiterated his Outperform rating on shares of Adobe (NASDAQ: ADBE) after reporting a modest beat & raise. The health in digital transformation projects drove upside to Digital Marketing revenue, while Digital Media ARR was in-line with the particular strength out of CC in Education, CS6 migrations and Int'l markets, along with healthy ARPU trends. The FY16 EPS high end of guidance was raised by $0.20, giving investors confidence in continued model leverage.
Management indicated investments are likely to increase next year, so the analyst's projected margins were not materially raised but he raised his price target from $115 to $120. This is based on a ~25x EV/CY17 FCF multiple on a FCF/share estimate of $4.59 (previously $4.53).
Shares of Adobe closed at $100.62 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Cowen Reiterates Outperform on Costco Wholesale (COST) Ahead of 4Q
- Imperial Capital Raises Price Target on Eldorado Resorts (ERI) Ahead of Acquisition
- Crocs (CROX) PT, Estimates Trimmed at Susquehanna
Create E-mail Alert Related CategoriesAnalyst Comments, Earnings
Related EntitiesCowen & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!