Goldman Sachs Resumes Coverage on Adobe (ADBE) at Sell

July 12, 2011 6:58 AM EDT
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Price: $110.71 --0%

Rating Summary:
    24 Buy, 14 Hold, 1 Sell

Rating Trend: Down Down

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    Up: 18 | Down: 13 | New: 9
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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.

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