Barclays Reiterates an 'Overweight' on Autodesk (ADSK); Solid Q1: Estimates Move Higher on Positive FY12 Outlook

Barclays reiterates an 'Overweight' on Autodesk (NASDAQ: ADSK), PT increased from $48 to $51.

Barclays analyst says, "We reiterate our rating on Autodesk and are establishing a new 12-month price target of $51 following solid 1QFY12 results. Given our expectations for further upward revisions to estimates on an accelerating top line, we recommend investors add to positions at current levels. Our new $51 price target is based on a P/E of 25x our new C12 non-GAAP EPS estimate of $2.04...For FY12, we now forecast revenue and non-GAAP EPS of $2.192 billion (+12.3% y/y) and $1.67 vs. our prior estimate of $2.169 billion and $1.62."

For more ratings news on Autodesk click here and for the rating history of Autodesk click here.

Shares of Autodesk closed at $44.39 yesterday.

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