UBS Boosts Target on Adobe (ADBE) after Q3
Tweet
Share
E-mailGet Alerts ADBE Hot Sheet
Price: $247.90 -5.9%
Rating Summary:
23 Buy, 30 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 7 | New: 4
Rating Summary:
23 Buy, 30 Hold, 6 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 7 | New: 4
Join SI Premium – FREE
UBS bumped its price target on Buy-rated Adobe (NASDAQ: ADBE) from $37 to $38 following third quarter results after the close.
"The pace of adoption for Creative Cloud subscriptions increased from Q2 to Q3 as all metrics improved (net new subs, % of users choosing annual plan & full Cloud pdt, ASPs, and a new ARR metric), and are expected to further improve in Q4. Optically, this means a lower reported rev as monthly payments replace upfront perpetual licenses – with an est. hit of $75M in Q3 and $94M in Q4. As a result, ADBE expects CS revs down in FY13, but growth resuming in FY14. Stock could be in holding pattern in S-T until there is more positive evidence from metrics."
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 $33.12 yesterday.
"The pace of adoption for Creative Cloud subscriptions increased from Q2 to Q3 as all metrics improved (net new subs, % of users choosing annual plan & full Cloud pdt, ASPs, and a new ARR metric), and are expected to further improve in Q4. Optically, this means a lower reported rev as monthly payments replace upfront perpetual licenses – with an est. hit of $75M in Q3 and $94M in Q4. As a result, ADBE expects CS revs down in FY13, but growth resuming in FY14. Stock could be in holding pattern in S-T until there is more positive evidence from metrics."
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 $33.12 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UBS Starts IRB Brasil Resseguros SA (IRBR3:BZ) at Buy
- Amazon.com (AMZN) PT Raised to $320 at Piper Sandler
- Apple (AAPL) PT Lowered to $360 at Goldman Sachs
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS View, Analyst PT ChangeRelated Entities
UBSSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
