Zacks Investment Research upgraded shares of Adobe Systems (ADBE) from UNDERPERFORM to NEUTRAL on February 22, 2013, with a target price of $40.00.
Adobe's fourth quarter earnings exceeded the Zacks Consensus Estimate on higher revenue, particularly due to rapid adoption of the Creative Cloud and the Adobe Marketing Cloud. The subscription service will hurt Adobe's financial growth in the short term, as it brings in revenues on a monthly basis, instead of a lump sum at the start. But the solid adoption of Creative Cloud, Adobe's market position, compelling product lines, continued innovation, acquisitions and strong balance sheet make us optimistic. We are therefore upgrading Adobe shares from Underperform to Neutral.
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