UPDATE: Oppenheimer Starts Adobe (ADBE) at Perform

(Updated - September 2, 2015 9:39 AM EDT)

Oppenheimer initiated coverage on Adobe (NASDAQ: ADBE) with a Perform rating. Analyst Brian Schwartz thinks growth is reflected in the stock's price.

"We conclude that Adobe has a leadership positioning in the cloud digital marketing and media categories, an attractive value proposition, and large installed base for future monetization activity. We further believe Adobe will continue to lead in its core areas of creative, marketing and document management solutions but that its growth is fairly reflected in the current stock multiple after nearly four consecutive years of outperforming benchmarks. Therefore, the relative risk/reward ratio on ADBE shares looks symmetrical as its current enterprise/FTM revenue estimate multiple of 7.1x (up from 2.9x in 2012) is already pricing in a meaningful successful trajectory for the business over the FTM," said Schwartz.

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 $75.99 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• BofA Securities Starts Madrigal Pharmaceuticals (MDGL) at Underperform, 'pivoting to Rezdiffra commercial dynamics'
• Berenberg Upgrades STMicroelectronics NV (STM:FP) (STM) to Buy
• Jefferies Upgrades Reckitt Benckiser (RKT:LN) (RBGLY) to Hold