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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (9016)	3/16/2003 6:04:39 PM
From: StanX Long	Respond to of 95608

Adobe Jumps on Earnings, Analyst Reports Fri Mar 14, 2:47 PM ET story.news.yahoo.com SAN FRANCISCO (Reuters) - Adobe Systems Inc.'s (Nasdaq:ADBE - news) stock jumped more than 7 percent on Friday, a day after the software shop posted its second straight quarter of year-on-year earnings and revenue growth and said it would release the next update of its Acrobat document-sharing software by late May. Analysts raised Adobe estimates on Friday, helping to push the stock up $2.14 to $30.66 in active afternoon trade on the Nasdaq, where it was among the top net gainers. The stock was trading at $36.59 one year ago. "We are raising numbers to the high-end of guidance based on our belief in the success of the upcoming Acrobat cycle," U.S. Bancorp Piper Jaffray analyst Gene Munster said in a client note. In that note, he boosted his profit estimate for Adobe's second quarter ending in May by 3 cents a share to 28 cents on revenue that went to $317 million from $295 million previously. He also took his 2003 estimates higher. Amy Feng, an analyst at JMP Securities in San Francisco, took up her revenue estimate for the current May quarter to $314.7 million from $306 million and raised her per-share earning estimate by 2 cents to 26 cents. Feng also took her fiscal 2003 estimates higher to call for earnings of $1.06 a share on total revenue of $1.26 billion. She previously had seen the company earning $1 a share on revenue of $1.25 billion. Elsewhere, WR Hambrecht raised its 2003 per-share profit outlook for Adobe to $1.03 from 95 cents. The raised forecast reflects "an improved revenue outlook and increasing margins," WR Hambrecht analyst William Lennan wrote in a research note. The analysts also boosted their price target for Adobe shares. Munster went to $35 from $30, Feng went to $32 from $30, and Lennan's new target was $31 compared with $29. For the quarter ended Feb. 28, the Silicon Valley-based maker of PhotoShop and Acrobat software had net income of $54.2 million, or 23 cents per diluted share. Its net income was $49.8 million, or 20 cents per diluted share, last year. (Story continues after advertisement)