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Yesterday's Forbes Magazine reported that Adobe (ADBE) Remains Focused On Margin Expansion:

While we don’t see upside to our estimates in the May and August quarters, we believe the Acrobat 8.0 launch in the November 2006 quarter and the Creative Product cycle that will begin in spring 2007 as offering one of the best product cycles for the company in recent history,” wrote UBS analyst Heather Bellini in a recent note.

We have been following Adobe (ADBE) fairly extensively during its recent selloff. The valuation is approaching the low end of its historic range, and for investors who don’t mind a little more of a down leg before the shares bottom, it is probably worth a good hard look here.

For now, we are concerned about today’s weakness in a strong market and the potential for the general tech selloff to resume.

ADBE 1-yr with P/E ratio:

ADBE 1 yr various

Source: Adobe Deserves a Good, Hard Look (ADBE)