Jefferies Upgrades Autodesk (ADSK) to Buy; Positive on Non-Resi Real Estate Cycle

March 1, 2013 6:57 AM EST
Get Alerts ADSK Hot Sheet
Price: $58.93 +1.41%

Rating Summary:
    15 Buy, 12 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 5 | Down: 15 | New: 11
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Jefferies upgraded Autodesk (NASDAQ: ADSK) from Hold to Buy with a price target of $45.00 (from $40.00).

The firm comments, "We upgrade ADSK to Buy based on: i) Increased conviction of a non-residential real estate cycle over the next 12-18 months plus ADSK's high sales correlation to this (R²=0.74); ii) ADSK's strong position in BIM with room for increased penetration in intl markets/ construction; iii) Model setup that is attractive under a cycle scenario; and iv) a valuation that is ok given our view on the cycle/ shift to higher recurring rev."

Jefferies raised FY14 EPS from $2.13 to $2.21 and FY15 from $2.45 to $2.60.

For an analyst ratings summary and ratings history on Autodesk click here. For more ratings news on Autodesk click here.

Shares of Autodesk closed at $36.72 yesterday.

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