Markets & Finance

Prudential Raises Adobe Systems to 'Overweight'


Adobe Systems (ADBE) reported first-quarter earnings per share (GAAP) of 50 cents, and raised its outlook. Prudential upgraded the stock to overweight.

Analyst Brent Thill says he upgrades from neutral based on stronger than expected momentum for the remainder of fiscal year 2004 (ending November) and into fiscal 2005. He says the first-quarter delivered $23 million in revenue upside to his above consensus estimate. He notes business momentum was broad-based across product segments and all geographies.

Thill raised his $1.34 fiscal year 2004 EPS estimate to $1.50, and $1.50 for fiscal 2005 to $1.60. He hiked his price target to $45. He believes Adobe is poised to benefit in fiscal 2004 from both company-specific and macro factors.


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