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Prudential Boosts Adobe Systems to 'Buy'

Prudential upgraded Adobe Systems (ADBE) to buy from hold.

Analyst John McPeake says he is raising his rating on his belief that strong upgrades of the company's PhotoStop design software will likely pull along upgrades of Illustrator as well. He says the company is a clear leader in most of electronic and publishing software, and document solutions markets in which it takes part.

McPeake thinks Mac OS versions of PhotoStop and Illustrator will meet substantial pent-up demand, and be worth an estimated $250M-$300M in sales. He says the company is well-positioned to capitalize on an economic recovery. He thinks the company's growth rate could be closer to 20% than 15%.. McPeake sees $1.00 for fiscal 2002 (Nov.) earnings per share, and $1.15 for fiscal 2003. He also upped the $30 price target to $47.

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