Goldman Sachs Resumes Coverage on Adobe (ADBE) at Sell
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Price: $44.61 +0.11%
Rating Summary:
10 Buy, 13 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
10 Buy, 13 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade ADBE Now!
Goldman Sachs resumes coverage on Adobe (NASDAQ: ADBE) with a Sell rating and $32 price target.
The firm notes that Adobe is dominant in the large creative industry software applications market, but says the product cycles moving the needle less and less.
"While we estimate creative/interactive and digital media will represent 55% of sales in FY2011 (ending November), this is a business unit that is going through a transition as it migrates to annual release cycles and introduces more broad based, subscription-based pricing options," the firm states.
For more ratings news on Adobe click here and for the rating history of Adobe click here.
Shares of Adobe closed at $30.98 yesterday, with a 52 week range of $25.45-$35.99.
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The firm notes that Adobe is dominant in the large creative industry software applications market, but says the product cycles moving the needle less and less.
"While we estimate creative/interactive and digital media will represent 55% of sales in FY2011 (ending November), this is a business unit that is going through a transition as it migrates to annual release cycles and introduces more broad based, subscription-based pricing options," the firm states.
For more ratings news on Adobe click here and for the rating history of Adobe click here.
Shares of Adobe closed at $30.98 yesterday, with a 52 week range of $25.45-$35.99.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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