UPDATE: BofA/Merrill Lynch Upgrades Adobe (ADBE) to Buy

8:47 AM EDT)

BofA/Merrill Lynch upgraded Adobe (NASDAQ: ADBE) from Neutral to Buy with a price target of $57 (from $47). Following Q2 results and guidance yesterday, BofA ML is positive on Creative Cloud sub adds into 2015. Analysts think the Adobe will be able to convert a large portion of its install base into a recurring revenue stream.

For an analyst ratings summary and ratings history on Adobe click here. For more ratings news on Adobe click here. Shares of Adobe closed at $43.36 yesterday, with a 52 week range of $29.52-$47.17.

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