Cowen Remains Bullish on Adobe Systems (ADBE) Ahead of 3Q Report

September 16, 2016 7:04 AM EDT
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Cowen reiterated an Outperform rating and $115.00 price target on Adobe Systems (NASDAQ: ADBE) ahead of the company's 3Q earnings report. Recent conversations with large SIs and digital agencies point to strong demand activity for ADBE's Marketing Cloud products. Cowen believes that strength is being driven by the evolution of digital transformation and omni-channel initiatives.

Analyst Derrick Wood commented, "ADBE reports 3Q16 results on 9/20. Our checks have been bullish around demand activity in Marketing Cloud, driven by digital transformation and traction w/ greenfield. In Creative Cloud, we think there are catalysts for 2H to see accelerated CS6 migration activity. If the latter takes place, expect upward pressure on blended op margins and consensus EPS ests. Reiterate Outperform."

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 $99.62 yesterday.

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