Rosenblatt Downgrades Autodesk (ADSK) to Sell
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Rosenblatt downgraded Autodesk (NASDAQ: ADSK) from Neutral to Sell with a price target of $54.00, saying the stock is priced for perfection through FY2020.
Analyst Kirk Adams commented, "Autodesk reported their 2Q17 on Thursday, August 25th. Revenues and earnings were much better than guided. They slightly raised full year numbers. We were very surprised by what they said was a surprise to them, which was an end-of-quarter rush to buy perpetual suites. The company said that there was some pull forward into Q2 and that might affect subscription adds in the back half of the year. This is not what they guided to and they had actually warned the street that a lower revenue number meant that subscriptions were happening better than expected since a lower revenue number would mean that the ratable revenue was higher. We were disappointed by the report."
Shares of Autodesk closed at $68.32 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Cowen Downgrades Under Armour, Inc. (UA) to Market Perform
- Apple (AAPL) PT Raised to $135 at Brean Capital
- Imperial Capital Raises Price Target on Spirit Airlines (SAVE); Cuts 4Q Estimates
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Downgrades, Hot Downgrades
Related EntitiesEarnings, Rosenblatt
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!