BMO Capital analyst Keith Bachman raised his price target on Adobe to $350 and kept his Outperform rating, also boosting his FY20 EPS veiw by 12c to $9.75. The analyst contends that the company may reach 45% margins in FY23 barring additional M&A, with next year likely to see more margin upside than revenue upside. Bachman further states that Adobe shares are "reasonably, if not attractively, valued" with an enterprise value to revenue / revenue growth rate plus free cash flow margin multiple of 0.21-times, which is below the 0.3-times multiple average among its growth software peers.