Adobe stock will outperform the market, a top analyst predicts.

Piper Jaffray analyst Gene Munster has published a research note in which he says: "While investors view Adobe as a product-cycle driven company, and expect it to report weak quarterly results after a major cycle-upgrade shipment, I believe it will report robust results for the current quarter."

He adds: "Adobe's share price is expected to appreciate in on expectations related to Acrobat 7." He maintains his outperform rating on the company.

According to a NewRatings report, Munster notes that channel checks at a number of Adobe license centres reveal that Adobe volume value-added resellers are expecting a marginally higher decline in revenues for the August quarter, compared to the decline witnessed in the previous quarter.