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Shares of

Adobe Systems

(ADBE) - Get Adobe Inc. Report

are getting a much needed boost on the strength of an analyst's upgrade.

In recent trading on Monday, shares were up $1.29, or 4.6%, to $9.28 in the midst of another negative session for technology issues.

Before Monday's rally, the stock had lost 27% of its value in a slide that began in early May when the company said it expects

to hit the low end of previous second-quarter guidance.

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In a bullish 32-page note, Cowen analyst Walter Pritchard said he views the recent weakness in the stock as a buying opportunity. "We see 25% upside to shares over the next 12 months relative to the market," he said in a note to clients. Pritchard, whose company managed a public offering for Adobe in the last three years, upgraded the stock from neutral to outperform.

Investors, Pritchard wrote, have been concerned about an impending product transition period to the next version of Creative Suite, general economic weakness that could slow sales and the competitive threat posed by


(MSFT) - Get Microsoft Corporation Report

next version of Office.

Interestingly, Pritchard says Adobe is likely to lower guidance when it reports second-quarter earnings on Thursday. While admitting that buying a stock just prior to a downward revision "can be tricky," he says the move will set a "floor" for the stock. He also said Creative Suite Version 3 will be a catalyst for Adobe's growth, despite concerns that sales of the previous version are rapidly losing steam.

Microsoft has said that it will incorporate Adobe's portable-document format technology into the next iteration of Microsoft's Office suite, a move that could provoke a complaint to European regulators. By including PDF features into Office programs such as Word, Microsoft could potentially

undermine the market.