Wedbush Raises Price Target on Autodesk (ADSK) to $60 Following 2Q Beat
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Wedbush reiterated a Neutral rating on Autodesk (NASDAQ: ADSK), and raised the price target to $60.00 (from $57.00), following the company's 2Q earnings report.
Analyst Steve Koenig commented, "ADSK posted an encouraging 2Q beat and guidance raise, which we attribute mostly to a last-chance effort to buy perpetual licenses for ADSK suites with strong attach of maintenance. New subscription additions appear to be tracking well, but we remain concerned about deteriorating pricing for ADSK’s subscriptions, as evidenced by a continuing decline in average revenue per subscriber (ARPS) and an impending move to lower AutoCAD subscription pricing. We’re optimistic that ARPS will begin to increase with the termination of suite perpetual licenses at the start of August, but we think ADSK’s model transition faces a variety of demand uncertainties, including the extent of license pull-forward, competitive win rates without a license option, and shifting product preferences within ADSK’s portfolio. We’re more inclined to be constructive on ADSK shares, but we don’t see any rush to accumulate at the present time."
Shares of Autodesk closed at $63.70 yesterday.
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