UBS Boosts Target on Adobe (ADBE) after Q3
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Price: $43.09 -0.19%
Rating Summary:
10 Buy, 13 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 19 | Down: 21 | New: 29
Rating Summary:
10 Buy, 13 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 19 | Down: 21 | New: 29
Trade ADBE Now!
UBS bumped its price target on Buy-rated Adobe (NASDAQ: ADBE) from $37 to $38 following third quarter results after the close.
"The pace of adoption for Creative Cloud subscriptions increased from Q2 to Q3 as all metrics improved (net new subs, % of users choosing annual plan & full Cloud pdt, ASPs, and a new ARR metric), and are expected to further improve in Q4. Optically, this means a lower reported rev as monthly payments replace upfront perpetual licenses – with an est. hit of $75M in Q3 and $94M in Q4. As a result, ADBE expects CS revs down in FY13, but growth resuming in FY14. Stock could be in holding pattern in S-T until there is more positive evidence from metrics."
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 $33.12 yesterday, with a 52 week range of $22.89-$34.78.
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"The pace of adoption for Creative Cloud subscriptions increased from Q2 to Q3 as all metrics improved (net new subs, % of users choosing annual plan & full Cloud pdt, ASPs, and a new ARR metric), and are expected to further improve in Q4. Optically, this means a lower reported rev as monthly payments replace upfront perpetual licenses – with an est. hit of $75M in Q3 and $94M in Q4. As a result, ADBE expects CS revs down in FY13, but growth resuming in FY14. Stock could be in holding pattern in S-T until there is more positive evidence from metrics."
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 $33.12 yesterday, with a 52 week range of $22.89-$34.78.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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