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Making the Bull Case for Adobe?

Adobe definitely seems to have the wind at its back these days, with its Flash technology ubiquitous in web video. That edge was reinforced yesterday with a widely-loved unveiling of the company's Apollo technology at the Engage event yesterday. The latter is a compelling new platform for building online applications, as well as replicating that functionality when (perish the thought) you're not connected to the InterWeb.

Is it time to make a bullish case for the company's stock? Out of 30 analysts covering the stock, 22 currently have it as a Buy or Strong Buy, which is slightly more boosters than a quarter ago. The stock is up a teensy 2% from where it was at this time a year ago, and down almost 2% from where it started the year.

From a valuation point of view, the company's stock is trading at 23x forward earnings, while it is forecast to turn in something like 17% earnings growth. That doesn't sound compelling, unless investors are underestimating the contribution of the new Apollo platform. Are they? More in a subsequent post.
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