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Stifel goes contrarian on Adobe (ADBE +4.3%), cutting shares to Hold on valuation grounds even...

Stifel goes contrarian on Adobe (ADBE +4.3%), cutting shares to Hold on valuation grounds even as they hit levels last seen in '08 following an FQ1 beat fueled by strong Creative Cloud and Marketing Cloud growth. UBS, on the other hand, has lifted its PT to $46, arguing Adobe's FY13 revenue and Creative Cloud subscription guidance now looks conservative. On the earnings call, management noted mobile now accounts for 25% of Adobe's Digital Marketing transactions, and that sales of enterprise term licenses are bolstering Creative Cloud's growth.
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