Piper Jaffray Maintains Neutral Rating, $36 PT On ADBE

Piper Jaffray is maintaining its Neutral Rating and $36 PT on shares of Adobe Systems Inc. (NASDAQ: ADBE).

“Checks with half (10) of Adobe's 20 US license distributors suggest in-line Feb quarter results,” Piper Jaffray writes. “Distributors, on average, saw their Adobe business up 1% q/q in the Feb qtr, essentially in line with consensus overall Adobe revenue of up 2% q/q.

“A majority of the same distributors indicated that they have heard unofficial indications that Adobe may announce CS 5.5 in the late spring or early summer. Reseller expectations for the May qtr are slightly ahead of consensus, which we attribute to typical reseller optimism and expect guidance in line with the Street.”

Adobe Systems Inc. closed Monday at $34.50.