Adobe (ADBE) - Get Report  issued below-consensus guidance for 2017 on Thursday, but that wasn't enough to cloud Wall Street's optimism about the software company's solid fourth quarter. 

After Thursday's closing bell, Adobe posted adjusted earnings of 90 cents per share, higher than analysts' estimated 86 cents per share. Revenue came in at $1.61 billion, which beat analysts' projected $1.59 billion. Shares of Adobe were down 1.3% to $103.68 on Friday morning, and are up about 10% for the year.

On its earnings call, the San Jose, Calif.-based company guided for revenue of $6.95 billion in 2017, lower than the $7.0 billion forecast from analysts surveyed by FactSet. Management said it lowered the 2017 outlook as a result of foreign exchange headwinds, which are expected to impact results by about 2%, or $50 million. 

Here's a look at what some Wall Street analysts had to say about the quarter:  

Richard Davis, Canaccord (Buy, $125 PT)

"Adobe had a strong finish to F2016, posting an across the board FQ4 upside, and the firm's formalized view of F2017 was essentially unchanged on a currency adjusted basis. We continue to believe that: (1) general demand for marketing Tech will remain strong for the next several years, (2) Adobe is coming at the upgrade cycle from a position of strength in digital content creation, and (3) the company has begun to see a breakthrough moment that investors still don't comprehend, which is Adobe is transitioning from a simple tools vendor to a trusted adviser for companies that are embracing digital transformation. Indeed, unlike another well run large cap marketing tech firm,  Salesforce (CRM) - Get Report , Adobe is in a better competitive position in our view."

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Nandan Amladi, Deutsche Bank (Buy, $125 PT)

"Management lowered the FY17 guidance to $6.95 billion, slightly below the consensus of $7.07 billion due to a resurgent US dollar since the last guidance was provided on the Nov 2 analyst day. Though hedging should mitigate any risks to revenue in the first half of FY17, we remain watchful about currency fluctuations in the second half, as Adobe generates 40%-50% of the revenue outside the US. In addition, the 



acquisition should be margin dilutive to Adobe given ADBE's mid 30%s range opreating margins vs. TubeMogul's breakeven margins, though the acquisition brings a key asset that fills a gap in Adobe's Marketing Cloud."

Sterling Auty, JPMorgan (Overweight, $124 PT)

"The fourth quarter was a very good finish to the fiscal year with all segments and geographies of the business performing very well. The outlook for fiscal 2017 showed the impact of the continued strengthening dollar, otherwise it was in line with the preliminary look given back at the analyst day on November 3rd. In light of increased volatility in results from a number of other segments, this consistency should continue to be rewarded with further share outperformance." 

Patrick Walravens, JMP Securities (Market Outperform, $120 PT)

"Long term, we believe Adobe remains in a good strategic position as it leverages its knowledge of the creative process and the art of storytelling to drive sales of its three complementary clouds: Creative, Document and Marketing." 

Brent Bracelin, Pacific Crest (Overweight, $122 PT)

"Adobe has emerged as a juggernaut within the creative market with a dominant position it is beginning to use as a lever to accelerate share into the broader digital marketing arena as enterprises embrace and transform their business models by adopting cloud and digital best practices. Based on our bullish view that Adobe has the potential to grow into a $10 billion revenue franchise over the next four to five years, we view ADBE as a core cloud holding in the Second Decade of SaaS."

Ross MacMillan, RBC Capital Markets (Outperform, $115 PT)

"ADBE closed out FY16 with a decisive beat and a largely intact FY17 guide (FX-related tweak on revenue)...With continued evidence of margin progression and what is beginning to look like an increasingly sustainable ARR growth, ADBE continues to fire on all cylinders. While FX hurts at the margin, the guide for FY17 remains largely intact from the Analyst Day in November."