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CS First Boston Keeps 'Outperform' on Adobe

Credit Suisse First Boston keeps outperform on Adobe Systems (ADBE).

Analyst Gibboney Huske says third-quarter results beat estimates; he tied the EPS upside to increased education sales, a seasonal uptick in Europe, and stabilization in Asia. Huske says he's somewhat concerned that few other companies appear to be seeing those trends. Furthermore, while third-quarter results are positive, he says he remains cautious on fundamentals given the current macro-economic environment and the overhang of a possible war with Iraq.

Huske upped the pro forma $0.19 fourth-quarter estimate to $0.23, and upped the $0.87 fiscal 2002 (Nov.) estimate to $0.93, but cut the $1.10 fiscal 2003 to $1.05. He maintains his $18 target.

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