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Analyst Research Report Snapshot


Adobe (ADBE): comments from MAX conference; reit. Buy




Griffin Securities, Inc.


07 May 2013





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The news from the first day at Adobe’s MAX conference underscored the unambiguous commitment to transform the model to mostly recurring revenues, as there will be no further updates for perpetual licenses, plus, again, the depth, breadth, and integration of its Digital Media and Digital Marketing portfolios. While the intermediate effects of the model change will materially suppress reportable revenues in FY13, we expect that coming out the other side with the new model in place there will be long-term beneficial effects for growth, revenues per customer, size of base, cash flow, and valuation. We are reiterating our Buy rating.

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