Rosenblatt Downgrades Autodesk (ADSK) to Sell
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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.
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