Cowen Reiterates Outperform on Adobe Systems (ADBE) Following Announcement Consolidation with MSFT
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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."
Shares of Adobe closed at $107.26 yesterday.
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