Adobe has successfully transformed its business from perpetual licensing to a cloud-based subscription model. Investors have given a thumbs up to this transition as indicated in the stock's performance over the past few years. While the rise in stock price has been meteoric over the past two years, when it rallied from $38 in 2013 to over $80, most of its future depends on increasing adoption of its Creative Cloud and marketing cloud solutions. In part one of the note, we explore the base case for the company. In Part two, we explore the bull and bear cases.
Source Forbes - Markets http://ift.tt/1eXMUz5
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