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Adobe: Jefferies still a buyer - raises target price

( - Jefferies reiterates its "buy" recommendation on Adobe and has raised its corresponding target price from 350 dollars to 370 dollars, the day after the software publisher published its FY results, which led the broker to say that "Christmas came early".

"Reiterated FY20 guide now looks conservative," the broker says, noting that "All 3 Cloud segments are benefiting from the digital transformation secular trend".

"ADBE remains a top pick, with >90% recurring revs, 20%+ growth at ~40% op mgn, and well protected market leadership," the broker adds.

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