FBR Capital Maintains an 'Underperform' on Adobe (ADBE); Survey Points to Moderate CS5.5 Demand, Headwinds Persist
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Price: $264.02 -2.39%
Rating Summary:
23 Buy, 30 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
23 Buy, 30 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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FBR Capital maintains an 'Underperform' on Adobe (NASDAQ: ADBE), PT $28.
FBR analyst says, "Our recent survey of creative professionals indicates moderate demand for CS5.5 as 37% of respondents said they have already upgraded or have plans to upgrade and 34% said they do not plan to upgrade. Front-end-loaded demand for CS5.5 (as suggested by our survey) could bode well for the May quarter..."
"We maintain our Underperform rating as we continue to believe: (1) CS is losing its ability to drive Adobe’s business, and we do not see much to materially offset this; and (2) we believe the company’s model is stuck, and its efforts to drive more recurring revenue will be difficult."
For more ratings news on Adobe click here and for the rating history of Adobe click here.
Shares of Adobe closed at $32.22 yesterday.
FBR analyst says, "Our recent survey of creative professionals indicates moderate demand for CS5.5 as 37% of respondents said they have already upgraded or have plans to upgrade and 34% said they do not plan to upgrade. Front-end-loaded demand for CS5.5 (as suggested by our survey) could bode well for the May quarter..."
"We maintain our Underperform rating as we continue to believe: (1) CS is losing its ability to drive Adobe’s business, and we do not see much to materially offset this; and (2) we believe the company’s model is stuck, and its efforts to drive more recurring revenue will be difficult."
For more ratings news on Adobe click here and for the rating history of Adobe click here.
Shares of Adobe closed at $32.22 yesterday.
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