Analysts Upgrade Adobe (ADBE) And Raise Target Price

Two analysts who follow Adobe Systems Inc. (Nasdaq: ADBE) raised their ratings for the software maker's stock today.

Jefferies & Co. analyst Ross MacMillan raised his rating of Adobe Systems from Hold to Buy.

"We continue to believe that the CS5 product cycle will be decent, driven by attractive features, some new product additions, a healthier end market and some pent-up demand," MacMillan said. "There is money to be made here."

Credit Suisse analyst Philip Winslow raised his rating of Adobe Systems from Neutral to Outperform and his price target from $35 to $39.50.

Apple Inc. (Nasdaq: AAPL) Chief Executive Steve Jobs recently criticized Adobe's Flash software program as "too slow to be useful" and said that no one would use the product in a few years.

However, Credit Suisse's Winslow said that Adobe's products will still be popular because "web-authoring tools will still be required to design and create Web content."