Stephens Upgrades Adobe (ADBE) to Overweight
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Stephens analyst James Rutherford upgraded Adobe (NASDAQ: ADBE) from Equal Weight to Overweight with a price target of $327.00 (from $288.00).
The analyst comments "There are three main reasons for our upgrade. First, we believe the strong showing in Digital Media will help quiet any investor worries about a near-term slowdown in that business. Second, based on our field work and the report last night, we have become convinced that the Marketo and Magento acquisitions will be material drivers of revenue growth in the near-term as that cross-selling motion heats up. Third, we think the setup is very good for the remainder of the year (even though the F3Q guide was a touch light on revenue and EPS) and expect top/bottomline beats to drive the stock."
Shares of Adobe closed at $288.50 yesterday.
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