Jeffeires Forecasts CS5.5 Boosting User Upgrades for Adobe Systems (ADBE)

Jefferies is maintaining its Buy rating and $38 price target on shares of Adobe (NASDAQ: ADBE) following recent market checks.

The firm reports that recent checks indicate that the CS5.5 release could modestly expand the pool of users who will choose to upgrade, but doesn't believe there has been an initial boost and most are looking to upgrade over the next 6 months.

Jefferies notes the percent of respondents on CS4 or earlier that plan to upgrade to CS5.5 is 67% of our sample v 61% planning to upgrade to CS5 in our February survey.

An analyst at Jefferies comments, "use of ADBE's tools for developing either to iOS or to Android remains weak and we continue to believe that in a world dominated by these two platforms, nearly all developers will choose to develop natively rather than use third party cross platform tools."

For more ratings news on Adobe click here and for the rating history of Adobe click here.

Shares of Adobe closed at $32.84 yesterday.

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