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UBS Warburg Upgrades Adobe


UBS Warburg upgraded Adobe Systems (ADBE) to strong buy from buy.

Analyst Benjamin Reitzes says revenues should bottom in the second half. He believes revenues should turn the corner in fiscal 2002 (Nov.) due to a continued mix shift towards the high-growth Acrobat 5.0 product; the launch in Q4 of upgrades for Illustrator, InDesign products; and easier

comps. Reitzes says he's impressed by Adobe's extensive operating controls that give it unparalleled visibility into the quarter's progress. He thinks the company is on track for critical product releases.

Reitzes sees $1.25 fiscal 2001 EPS, and $1.45 fiscal 2002. He maintains his $51 target.


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