BofA/Merrill Lynch analyst Kash Rangan reiterated a Buy rating and boosted his price target on Adobe (NASDAQ: ADBE) to $90.00 (from $80.00) following a "very strong" Q4 and outlook.

Rangan notes new Creative Cloud (CC) subs for the quarter came in at 644K, well above their 'Street High' 542K. Also, operating margins at 22% was above their 19% estimate.

The analyst said key metrics support a bull case $6-$7 in EPS.

The firm trimmed FY 2015 EPS from $2.12 to $2.11, raised FY 2016 EPS from $3.37 to $3.45 and set FY 2017 at $4.25.

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 $69.74 yesterday.