Barclays Reiterates an 'Overweight' on Autodesk (ADSK); Expect Solid 1Q Results: Japan to Be a Focus
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Price: $251.02 --0%
Rating Summary:
36 Buy, 9 Hold, 2 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 25
Rating Summary:
36 Buy, 9 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 25
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Barclays reiterates an 'Overweight' on Autodesk (NASDAQ: ADSK), PT $48.
Barclays analyst says, "Ahead of 1QFY12 results after the close, we reiterate our Overweight rating and price target. We continue to view our estimates as conservative given Autodesk's broad exposures to a global cyclical recovery, recent introduction of product suites and potential for higher ASPs, and a margin profile which remains materially below peak levels."
"Expecting solid 1Q results & outlook: For 1QFY12, we forecast revenue and
non-GAAP EPS of $519 million (+9.4% y/y, -1.6% q/q) and $0.36 (consensus: $523 million/$0.37), respectively. Given positive datapoints from NPD, European distribution, ABI and an improving jobs outlook, we believe Autodesk is poised to report another solid double-digit-growth quarter led by recoveries in both manufacturing and construction verticals."
"Japan is likely to be an area of focus: Given the mid-quarter earthquake in Japan, we estimate that Autodesk could see a worse case license impact of $10-15 million. However, given benign Japan datapoints from other software vendors in recent weeks and potential upside in other geographies (US & EMEA), we still expect results to fall at least within guidance and expect a positive FY12 outlook."
For more ratings news on Autodesk click here and for the rating history of Autodesk click here.
Shares of Autodesk closed at $44.28 yesterday.
Barclays analyst says, "Ahead of 1QFY12 results after the close, we reiterate our Overweight rating and price target. We continue to view our estimates as conservative given Autodesk's broad exposures to a global cyclical recovery, recent introduction of product suites and potential for higher ASPs, and a margin profile which remains materially below peak levels."
"Expecting solid 1Q results & outlook: For 1QFY12, we forecast revenue and
non-GAAP EPS of $519 million (+9.4% y/y, -1.6% q/q) and $0.36 (consensus: $523 million/$0.37), respectively. Given positive datapoints from NPD, European distribution, ABI and an improving jobs outlook, we believe Autodesk is poised to report another solid double-digit-growth quarter led by recoveries in both manufacturing and construction verticals."
"Japan is likely to be an area of focus: Given the mid-quarter earthquake in Japan, we estimate that Autodesk could see a worse case license impact of $10-15 million. However, given benign Japan datapoints from other software vendors in recent weeks and potential upside in other geographies (US & EMEA), we still expect results to fall at least within guidance and expect a positive FY12 outlook."
For more ratings news on Autodesk click here and for the rating history of Autodesk click here.
Shares of Autodesk closed at $44.28 yesterday.
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