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UBS Upgrades Adobe Systems to 'Buy'

UBS Financial upgraded Adobe Systems (ADBE) to buy from neutral, and has a $48 target.

Analyst Benjamin Reitzes says shares are off recently due to concerns over stock options, the lack of new products in the near-term pipeline, and weak data ahead of a new product-line shipment. But, for the first time in more than three years, Japan (18% to 20% of sales) is stable to improving, and Adobe's sales into Apple's Mac platform (23% of sales) could benefit from a hardware upgrade cycle.

Also, with the improving U.S. economy, creative professional budgets could grow next year. Reitzes thinks the company could see near-term support from the launch of Creative Suite. He sees $1.13 fiscal 2003 (Nov) earnings per share, $1.30 for fiscal 2004, and $1.50 for fiscal 2005.

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