Adobe (ADBE) Target Lifted to $80 at Jefferies
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Price: $285.75 +2.13%
Rating Summary:
23 Buy, 30 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 5 | Down: 18 | New: 28
Rating Summary:
23 Buy, 30 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 5 | Down: 18 | New: 28
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Jefferies analyst Ross MacMillan reiterated a Buy rating on Adobe (NASDAQ: ADBE) and boosted his price target from $65 to $80 as he revisits the bull case.
MacMillan said, "We revisit our bull-case (8M CC subs) and extend the timing of the model shift for our base case. Given new user growth, Enterprise ARR ramp and lack of alternatives for CS users, the probability of our upside scenario is higher. Our recent survey also indicates ADBE has been successful in converting prior point product users to the full CC. We raise our PT to $80, based on a 20X multiple across our blended FY17 EPS and discounted back to the end of FY14."
The firm lifted FY 2015 EPS from $2.02 to $2.03.
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 $68.06 yesterday.
MacMillan said, "We revisit our bull-case (8M CC subs) and extend the timing of the model shift for our base case. Given new user growth, Enterprise ARR ramp and lack of alternatives for CS users, the probability of our upside scenario is higher. Our recent survey also indicates ADBE has been successful in converting prior point product users to the full CC. We raise our PT to $80, based on a 20X multiple across our blended FY17 EPS and discounted back to the end of FY14."
The firm lifted FY 2015 EPS from $2.02 to $2.03.
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 $68.06 yesterday.
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