UPDATE: Jefferies Raises PT on Adobe Systems Following Business Model Shift

In a report published Wednesday, Jefferies analyst Ross MacMillan reiterated a Hold rating on Adobe Systems (NASDAQ: ADBE), and raised the price target from $43.00 to $45.00.

In the report, Jefferies noted, “Following our mixed survey results from 5/28, ADBE positively surprised on Creative Cloud (CC) subscribers, posting 221K net adds v us at 200K and Street at ~185K for F2Q. The 1.25M CC end-year sub target for FY13 seems more achievable/ beatable and ADBE is ramping more promotions (e.g. $20/ month for CS6 users) to drive conversions. We see the merits of the biz model shift, but are loathe to chase off this print. Hold, PT to $45.”

Adobe Systems closed on Tuesday at $43.36.