UPDATE: Deutsche Bank Raises PT on Adobe Systems Following Solid 3Q13 Results

In a report published Wednesday, Deutsche Bank analyst Nandan Amladi reiterated a Buy rating on Adobe Systems (NASDAQ: ADBE), and raised the price target from $52.00 to $58.00.

In the report, Deutsche Bank noted, “Adobe delivered 3Q13 of $995m/$0.32, within guidance range but shy of estimate of $1,010/$0.34. As subscriptions built well ahead of plan adding 331K subs, the company trimmed rev/EPS guidance for the remaining quarter of this fiscal year to $1,025m/$0.31 at midpoint vs. estimates of $1071m/$0.40.”

Adobe Systems closed on Tuesday at $48.14.