Deutsche Bank Increases Adobe Systems Price Target to $58.00 (ADBE)
Analysts at Deutsche Bank upped their target price on shares of Adobe Systems (NASDAQ:ADBE) from $52.00 to $58.00 in a research report issued to clients and investors on Wednesday, American Banking & Market News reports. The firm currently has a “buy” rating on the stock. Deutsche Bank’s price objective would suggest a potential upside of 20.48% from the stock’s previous close.
The analysts wrote, “Adobe delivered 3Q13 of $995m/$0.32, within guidance range but shy of estimate of $1,010/$0.34. As subscriptions built well ahead of plan adding 331K subs, the company trimmed rev/EPS guidance for the remaining quarter of this fiscal year to $1,025m/$0.31 at midpoint vs. estimates of $1071m/$0.40.”
Shares of Adobe Systems (NASDAQ:ADBE) traded up 6.73% on Wednesday, hitting $51.38. The stock had a trading volume of 8,534,428 shares. Adobe Systems has a 1-year low of $31.33 and a 1-year high of $48.70. The stock’s 50-day moving average is $46.75 and its 200-day moving average is $45.00. The company has a market cap of $25.806 billion and a P/E ratio of 42.79. Adobe Systems also saw unusually large options trading on Tuesday. Stock traders bought 12,315 call options on the stock. This represents an increase of 749% compared to the average volume of 1,451 call options.
Adobe Systems (NASDAQ:ADBE) last released its earnings data on Tuesday, September 17th. The company reported $0.32 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.34 by $0.02. The company had revenue of $995.00 million for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter last year, the company posted $0.58 earnings per share. Adobe Systems’s revenue was down 8.0% compared to the same quarter last year. On average, analysts predict that Adobe Systems will post $1.45 earnings per share for the current fiscal year.
ADBE has been the subject of a number of other recent research reports. Analysts at Zacks reiterated a “hold” rating on shares of Adobe Systems (NASDAQ:ADBE) in a research note to investors on Monday, September 9th. They now have a $50.00 price target on the stock. Separately, analysts at Robert W. Baird raised their price target on shares of Adobe Systems (NASDAQ:ADBE) from $46.00 to $50.00 in a research note to investors on Monday, September 9th. They now have a “neutral” rating on the stock. Finally, analysts at Pacific Crest upgraded shares of Adobe Systems (NASDAQ:ADBE) from a “sector perform” rating to an “outperform” rating in a research note to investors on Monday, August 26th. They now have a $60.00 price target on the stock.
Twelve investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $50.15.
Adobe Systems Incorporated (NASDAQ:ADBE) is a diversified software company.
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