Autodesk (ADSK): Pricing Remains A Concern, Keeping Neutral Rating - Wedbush
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Wedbush analyst, Steve Koenig, reiterated his Neutral rating on shares of Autodesk (NASDAQ: ADSK) but raised his price target to $76 after 3Q results continued a pattern of solid execution against subscription volume goals.
However, the analyst notes that these goals require acceleration in coming quarters and years at the same time that there is continuing deterioration in realized pricing. The analyst thinks a skew in subscription demand towards lower-priced products, coupled with recent price reductions, will pressure pricing for several more quarters.
The valuation "looks full" to the analyst keeping him on the sidelines for a better entry price. The new PT of $76 is up from $70.
Shares of Autodesk closed at $75.26 yesterday.
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