Jefferies Maintains a 'Buy' on Adobe (ADBE); Upward Bias to Estimates Still Seems Likely

Jefferies maintains a 'Buy' on Adobe (NASDAQ: ADBE) price target raised $4 to $38.

Analyst, Ross MacMillan, said, "F1Q12 was mixed with weak CS revs ahead of the CS6 launch. F2Q12 was in line on revs, but it appears CS6 will have fewer shipping days than a typical CS 2Q launch. FY12 guide was unchanged (ex acqn), but we believe that: i) CS3/CS4 users that can now upgrade (changed mid F1Q12) and ii) shallower declines in legacy LiveCycle/ Connect keep an upward bias to estimates."

Jefferies raises FY12 EPS estimate from $2.38 to $2.44 and FY13 from $2.64 to $2.69.

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 $34.51 yesterday.

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