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Technology Stocks : Adobe (adbe) opinions

ADBE 350.43

+2.1%

Dec 11 4:00 PM EST

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To: Senthil Sankarappan who wrote (1795)	9/27/1997 10:49:00 AM
From: Mike Connolly	of 3111

Disparity in P/E is likely justified in analysts' eyes by slower (past) growth rate of Adbe relative to SW industry. Analysts' reluctance to upgrade stems from doubts about Adbe's ability to achieve higher future growth rates -- particularly based on the company's announced strategy of expanding the markets for existing products (into windows/corporate world), rather than pumping out lots of totally new products. Also, uncertainty about Mac and licensing portion of revenues -- which is fanned by Adbe management's refusal in conference call to make predictions (wouldn't even predict sequentially higer licensing revenues in '98 despite rollout of PS3, extreme and printgear). I'm a believer that Adbe will make these things happen and that management is just being conservative with its predictions (perhaps they've been hit with too many shareholder lawsuits in past not to be). Joan, is there a particular web site where you have found useful intraday trading data on Adbe? thanks

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