Barclays analyst Saket Kalia raised his price target for Adobe Systems to $275 and keeps an Overweight rating on the shares following last night's Q2 results. The $310M of net new annualized recurring revenue next quarter is slightly lower because of GDPR-related caution, which is prudent, Kalia tells investors in a research note. Futher, the analyst says that while implied Q3 margins are a "tad short of bull expectations," he wonders if there could be more of a balance between growth and margin. Kalia upped his estimates for Adobe to reflect a lower tax rate.