Stock Update (NASDAQ:ADBE): Adobe Systems (ADBE) Stock Initiated With ‘Buy’ Rating at Canaccord

[at TheStreet] – Adobe Systems (ADBE) stock was initiated with a ‘buy’ rating on Thursday at Canaccord, which said the software company has the ‘ingredients for an exceptional long-term investment.’ Read more on this. Adobe Systems Incorporated (ADBE) , currently valued at $47.07B, started trading this morning at $93.76. Today’s price range has been between $93.36 and $94.58 per share with a one year range of $71.27 to $98.00. Adobe (ADBE) shares are currently priced at 33.02x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 17.40x earnings multiple for the same period. According to a consensus of 22 analysts, the earnings estimate of $0.68 per share would be $0.20 better than the year-ago quarter and a $0.03 sequential increase. The full-year EPS estimate is $2.84 which would be a $0.76 improvement than last year’s full-year earnings. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $1.40 Billion. If realized, that would be a 20.69% increase over the year-ago quarter. Recently, Dougherty & Company Initiated ADBE at Buy (Jan 14, 2016). Previously, Oppenheimer Initiated ADBE at to Perform. The average price target for ADBE shares by the analysts covering it is $107.57, which is 14.73% above where the stock opened. See more in (NASDAQ:ADBE) Similar Articles: Market Update: Adobe Systems Inc (NASDAQ:ADBE) – [$$] Adobe Stock Seen With Upside to $110 Market Update: Adobe Systems Inc (NASDAQ:ADBE) – Adobe Systems (ADBE) Stock Price Target Cut at Credit Suisse Company Update (NASDAQ:ADBE): Adobe Systems (ADBE) Stock Plunges in After-Hours Trading on Fiscal 2016 Guidance