UBS Maintains a 'Buy' on Autodesk (ADSK); Q2: No Macro Boogeyman (Yet)

UBS maintains a 'Buy' on Autodesk (NASDAQ: ADSK) price target lowered from $52 to $47.

UBS analyst says, "Despite fears of a miss and lower guide, ADSK beat Q2 and raised FY12 rev guide to 13% growth (from 12%) and reiterated >200bp of OPM expansion. This outlook was supported by Q2 upside of $7M rev & 3 cents EPS vs. Street, and a strong 2H pipeline which does not show signs of stress at this point. There appears to be no change in linearity in the first few weeks of Q3, leaving mgmt’s tone more positive than the Street anticipated. We believe ADSK remains oversold based on positive fundamentals and a compelling valuation of CY12E P/E 12.2x and EV/S 1.9x."

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

Shares of Autodesk closed at $26.51 yesterday.

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