AmTech Upgrades Autodesk (ADSK) to Buy; $52 PT
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American Technology Research upgrades Autodesk (Nasdaq: ADSK) to Buy. The firm has a $52 price target on Autodesk.
The firm sees Autodesk's market position as "completely dominant", noting that the company appears to be "extremely well positioned to benefit from the boom in emerging economy construction for years to come." AmTech points out that Autodesk currently trades well below its historic P/E multiple, despite holding about 85% of the market share in its core AEC market.
AmTech's $52 price target on Autodesk is based on 19x its CY09 EPS estiamte of $2.74 and a PEG ratio of 0.9.
Autodesk, Inc. operates as a design software and service company.
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