Adobe stock got a boost yesterday when a series of analysts raised their estimates on company performance.
Piper Jaffray analyst Gene Munster chose to maintain his outperform rating on the company's stock.
The analyst raised his estimate for the company's earnings too, increasing his stock price target assessment to $60 from $55. Adobe shares currently stand at $50.45, up 5.21 per cent on yesterday's trade.
Munster remarked that Adobe was able to meet its August targets without upgrading its product range, and added fuel to the flame of rumour claiming the company will upgrade its products early next year.
"The company has announced that it would upgrade its Acrobat product line in the first quarter", he said.
JMP Securities analysts also maintained their 'outperform' rating, setting a target price of $54. They predict healthy Acrobat and Creative Suite sales.
RBC Capital Markets analyst Steve Rue also rates Adobe an 'outperform', with a $52 target price.
One dissident voice, analyst Brent Thrill of Prudential Financial offers a 'neutral' assessment on the stock, with an 18-month target of $49. This analyst seemed concerned that Adobe's future success depends on the timing and success of Adobe's product cycles in 2005.