Jefferies Maintains $38 PT on Adobe

Jefferies is maintaining its $38 PT on Adobe ADBE. “ADBE reported a decent F2Q11 with Japan much better than initially guided, but some incremental weakness in Europe,” Jefferies writes. “Guidance for F3Q11 was broadly in line with consensus and mgmt reinstated the 10% revenue growth target for FY11. ADBE appears to be reasonably valued if it can achieve 10% growth, but near-term catalysts seem lacking.” Adobe closed Tuesday at $32.01.