Cowen Reiterates Outperform on Adobe Systems (ADBE) Following Announcement Consolidation with MSFT

September 27, 2016 11:12 AM EDT
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Price: $99.73 +0.22%

Rating Summary:
    24 Buy, 12 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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Cowen reiterated an Outperform rating and $120.00 price target on Adobe Systems (NASDAQ: ADBE) following the company's announcement that it is consolidating its cloud platforms onto Azure and that MSFT will now be co-selling Marketing Cloud. Cowen believes that this partnership makes sense as ADBE does not have Sales Automation services and MSFT does not have much around Marketing Automation.

Analyst Derrick Wood commented, "Yesterday, ADBE announced it is consolidating its cloud platforms onto Azure and that MSFT will now be co-selling Marketing Cloud. We think consolidation onto Azure will help better integrate ADBE's solutions that were historically run in different clouds; and we think there is strong executive sponsorship on the co-selling agreement that will give ADBE greater distribution leverage."

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 $107.26 yesterday.



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