RBC Capital analyst Ross MacMillan raised his price target on Adobe to $288 after its Q2 results, saying that while the operating expenditure for the quarter and the Q3 outlook for recurring revenue were disappointing, the positive fundamentals remain "very much" intact. The analyst also states that the 4pt improvement in tax rate guidance is important in driving his updated earnings outlook model, raising his FY18 expected EPS to $6.87 from $6.56 and FY19 view to $8.03 from $7.56. MacMillan keeps his Outperform rating on Adobe, adding that its $1.68B price tag on Magento also looks "fairly reasonable".