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Technology Stocks : Adobe (adbe) opinions
ADBE 354.47+1.9%3:59 PM EST
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To: Stingray who wrote (1701)9/20/1997 8:59:00 AM
From: Barry Dryer   of 3111
 
Many things seem to be coming together recently for Adobe. Here's an attempt to summarize the bullish case for long-term investors:
1. Increased revenue growth--3rd quarter up 27% vs. the year earlier period.
2. Normalized EPS exceeding analysts' estimates--3rd quarter 22% above the consensus and 12% above the range.
3. Apple's business on a more solid footing now.
4. Windows applications achieving 50% (and soon-to-be dominant) share of Adobe's revenue.
5. Achieved record revenue (for a quarter) in the seasonally slow summer period--an indication of further strong gains ahead.
6. Announced 15 million (20%) share repurchase program over the next 2-year period--this program alone could increase EPS growth rate by nearly 10 points per year.
7. Patent infringement lawsuit resolved in Adobe's favor removing that cloud of uncertainty.
8. Continuing to realize/distribute gains from its venture investments.
9. Recent addition to the S&P 500.
10. Picked by SmartMoney magazine (10/97 issue) as one of its *Ten Stocks for the Year 2000 and Beyond*
11. Analysts have much room to increase their ratings/estimates--most still have Adobe rated a *hold*.
12. Break-out to new 52-week high--closed Friday at 49 3/4.

I'm sure there are some I missed. Feel free to add to the list.
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