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Technology Stocks : Adobe (adbe) opinions

ADBE 324.13

+3.8%

3:59 PM EST

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To: GS_Wall Street who wrote (2391)	5/13/1998 8:51:00 AM
From: Steven Dopp	Read Replies (1) of 3111

My stock club is currently looking at Adobe. I ran an SSG on it (Which I do not have in front of me) and I am impressed by the company's consistent earnings and sales growth over the last 5-10 years. ValueLine indicates that they still have quite a bit of cash and are buying back shares. Yesterday's press release by the National Association of Broadcasters was positive. Their latest annual report talks about reduced earnings due to a slow down of sales in Japan and the loss of their licensing agremeent with Hewlett-Parckard for Adobe Postscript. I expect that declining sales and earnings will continue for perhaps another quarter or two, which I would expect to be partially offset by the release of new product upgrades. ValueLine suggests that the future of Adobe rests on their ability to create authoring systems for the Internet. On a long-term basis, I kind of like Adobe and it may be a buying opportunity. Adobe has a relatively low p/e ratio for a software company, virtually no debt, quality products, and very few stock options to dilute shareholder value. However, I wouldn't be surprised if the price dips to the $43 area this quarter (IMHO, FWIW).

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