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Digital media software firm Adobe Systems ( ADBE ) received a price-target hike Thursday from Credit Suisse, though the investment bank sees the stock as fairly valued at current levels. Credit Suisse analyst Michael Nemeroff gave Adobe a neutral rating and price target of 105, up from 85. Adobe stock was up a fraction near 96.50 in afternoon trading on the stock market today . The provider of cloud-based media and marketing software hit a record high of 98 on March 18. It sports a good IBD Relative Strength Rating of 84, putting it among the top 16% of all stocks in performance the past 12 months. IBD Take: Is Adobe a buy, hold or sell right now? Take a free trial of IBD Leaderboard to find out Adobe’s stock appreciation reflects its positive financial momentum and the benefits of its successful business model transition to the Internet cloud, Nemeroff said in a research note. Adobe’s “premium valuation is already pricing in much of the good news, and (we) see a lack of near-term catalysts that would justify further multiple expansion above current levels,” he said in a report. Adobe has multiple growth drivers, Nemeroff said. They include its growing Creative Cloud and Marketing Cloud businesses, he said. Image provided by Shutterstock . RELATED: Adobe Systems Transition Earns Price-Target Hike From FBR Adobe Driving Third Wave Of Enterprise Software Disruption . Scalper1 News
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