Can Adobe (NASDAQ:ADBE) Deliver on Promises?

Adobe (NASDAQ:ADBE) has recently been communicating to the market that they're in the midst of reinventing themselves, Brigantine notes they're going to wait to see if management is able to deliver on their promises.

Brigantine says, "Adobe Systems’ management has been vocal over the past couple weeks about how they are reinventing themselves. For instance: more frequent releases of Creative Suite, acquiring more online marketing companies and continued emphasis on SaaS focused enterprise products. Our Take – We believe that it is really hard to change tires while going 70 miles an hour, but understand why Adobe needs to.

"For revenues in FY2011 we are low on the street expecting 3.6% year on year, while the street is expecting 9.5% growth. Our EPS expectations for 2011 are in line with street expectations...Shares of Adobe are currently trading at 14.5x our 2011 EPS expectations of $2.32, while our universe is trading at 19.5x. We believe that this discount is warranted until Adobe’s management team shows that it can make these changes successfully."

Brigantine Advisors reiterates a 'Hold' on Adobe (ADBE), which was trading at $33.51, down $0.05, or 0.15 percent, as of 2:33 PM EST.