Deutsche Bank Reiterates Buy on Adobe Systems

Deutsche Bank is out with its report today on Adobe Systems ADBE, reiterating Buy. In a note to clients, Deutsche Bank writes, "Adobe reported revenue of $1.023b vs our/Street estimates of $1b/$0.995b. EPS came in at $0.55 vs us/Street at $0.53/$0.51. Impact from Japan was only $10m, compared to previous management guidance of $50m, which was offset by weakness in EMEA (northern Europe specifically). The outperformance was despite entering the quarter without a shippable backlog. 3Q11 guidance was mostly in line with our/Street estimates. Reiterate Buy and $43 PT." At the time of posting, shares of ADBE were trading pre-market at $31.68, down 1.03% from Tuesday's close.