Deutsche Bank Maintains Buy on Adobe

Deutsche Bank is out with its report today on Adobe ADBE, maintaining Buy. In a note to clients, Deutsche Bank writes, "Product leadership remains strong with the Creative Suite as well as Omniture, while the Digital Publishing Suite takes advantage of the rapid move of content to mobile devices. Adobe is also moving from a product cycle story to a recurring revenue model, although the transition will take time as subscription revenues are just over 10% today. Stock trades at a CY12E P/E of 14x while the group is at 15x and basket of 10 large-cap SW at 14.8x. We rate the stock Buy with a $43 PT." At the time of posting, shares of ADBE were trading pre-market at $33.07, down 0.60% from Friday's close.