Adobe Has More Room to Run

TheStreet's Action Alerts PLUS Portfolio Manager Jim Cramer is bullish on shares of Adobe Systems (ADBE) - Get Report . On Thursday, Adobe posted adjusted earnings of $0.66 a share, beating estimates of $0.61. Revenue of $1.38 billion eclipsed forecasts of $1.34 billion. The company also reported better than expected full-year earnings guidance. 'Adobe was a blowout,' Cramer said. 'I think the stock is not done because they have a Las Vegas conference next week and you can own the stock right into that.' Cramer thinks the stock is going to $100 a share, representing a 5.7 percent increase from its current level of roughly $94.64. The stock gained 0.8 percent since the start of the year.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.