Source: Associated Press via Forbes
Shares of Adobe Systems Inc. rose in trading Thursday after several analysts reiterated ratings for the stock after concluding that healthy demand for the company’s latest products will continue.
The stock added $1.07 to $44.29 in afternoon trading. Earlier, the stock peaked at a new high of $44.92.
In a note to clients late Wednesday, Wachovia analyst Philip Rueppel reiterated his “Outperform” rating for the stock, saying he got good feedback regarding sales of the company’s Creative Suite 3 and Acrobat 8 software, along with possibilities for strong growth in the near and distant future.
“We feel comfortable that 2008 can see double digit revenue growth, even off of a Creative Suite 3 product-cyle induced strong 2007,” he wrote.