I am still upbeat about the shares of Adobe (ADBE). The company demonstrates double-digit growth. According to the recently released financial report for Q4FY15, revenue rose 22% y-o-y to USD 1.31 bn due to steady demand for software products on all geographical markets. Subscription fees surged 44.2% to USD 907 mn and became a revenue growth driver. The number of Creative Cloud subscribers spiked by 833,000 (+30% q-o-q) to 6.16 mn, while analysts had expected a 678,000 increase. Adjusted EPS soared 59% y-o-y to 62 cents, outstripping the consensus of 60 cents. Notably, the company generates a significant cash flow, a large part of which the company spends on buyback. Adobe bought back 8.1 mn shares worth USD 627 mn over FY2015. Adobe continues to enter into M&A deals. The company recently announced its plans to acquire ComScore’s Digital Analytix unit. Digital Analytix is a service, which combines the best analytical tools and demographic information on audiences, providing a unique quality of access to information and visual representation of user profiles. The platform is capable of processing "raw" data, thus making reports highly flexible and detailed. Digital Analytix will be integrated with Adobe Analytics as part of Adobe Marketing Cloud. Notably, Adobe’s efforts over the last three years aimed at deep restructuring of its business strategy have yielded positive results. The company sold its software products in conventional retail packaging earlier, but now it is focused on cloud business strategy, implying the primary revenue stream from subscriptions. To remind, Adobe faced a significant drop in revenue in 2013, the first year following restructuring. However, it was able to turn sales around quite quickly after clients became accustomed to the new strategy.I leave my target price for Adobe shares unchanged at USD 105 and reiterate a Buy recommendation in the mid-term. The short-term technical target is USD 95. $ADBE, Adobe Inc. / 1440