UPDATE: Baird Upgrades Adobe (ADBE) to Outperform

(Updated - August 25, 2015 9:25 AM EDT)

Baird upgraded Adobe (NASDAQ: ADBE) from Neutral to Outperform with a price target of $85. Analyst Steven M. Ashley said the stock market correction creates opportunity to "get back on the right side of ADBE."

"We are now into the foothills of the revenue and margin reacceleration which should gain momentum going forward. While the shift to Subscription has been positive for investors, the shift to cloud services has been transformational to customers and sets the stage for a potentially further push into Consumer and Education," said Ashley.

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 $74.27 yesterday.

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