United States

Analyst Research Report Snapshot


Software weekly update: ADBE, CDNS, DSY, MSFT, PMTC, SNPS




Griffin Securities, Inc.


13 Feb 2013





Companies referenced:


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In this issue (#56), we note Adobe Systems’ (ADBE, $39.03, Buy) latest update to its LiveCycle ES brand, plus the rehiring of a longtime Adobe executive for corporate development. Cadence Design (CDNS, $14.21, Buy) announced a small semiconductor IP acquisition, as the two largest EDA companies are ramping up their IP portfolios and positioning. Dassault Systèmes (DSY.FR, €82.64, Neutral) made two aerospace customer announcements. Microsoft (MSFT, $27.96, Buy) will soon be introducing two new variants of its Office 365 service for the SMB market; in addition, we comment on the latest news on Surface availability. We review the incremental data in PTC’s (PMTC, $23.93, Neutral) 1Q13 10-Q, including our reconstruction of license, maintenance, and services by region (Table 2) and updated PLM revenue comparison charts for Dassault and PTC. Synopsys (SNPS, $34.25, Buy) announced an enhancement to its relationship with ARM Holdings. On page 7, we show our table of valuation metrics and estimates through 2014, on page 8 our calendar of events, and on pages 9-12 our compilation of issues published in 2012-2013 (#18-#55).

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