AmTech Reiterates Buy on Autodesk (ADSK) Ahead of Q3 Earnings
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American Technology Research reiterates its Buy rating and $30 price target on Autodesk (Nasdaq: ADSK) ahead of its Q3 earnings results, which are expected out Thursday, November 20, after the close.
Following Autodesk's pre-announced earnings two weeks ago, on November 7, the firm believes that "most investors understand the magnitude of the miss..." and notes that Wall Street expectations have come down sharply, suggesting that estimate resets could be "needed to make the stock work."
AmTech sees Q4 sales of $596 million and EPS of $0.46, versus the Street estimates for sales of $611.17 million and EPS of $0.51. For FY10, the firm sees sales of $2.435 billion and EPS of $2.05. The Street is expecting sales of $2.45 billion and EPS of $2.15.
Shares of Autodesk are down about 1.7% today, most recently trading around $19.41.
Autodesk, Inc. operates as a design software and service company.
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