Canaccord Genuity Reiterates a 'Buy' Autodesk (ADSK); Another Solid Quarter; Favorite Long-term GARP Stock
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Price: $253.83 +1.12%
Rating Summary:
36 Buy, 9 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
36 Buy, 9 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity reiterates a 'Buy' Autodesk (NASDAQ: ADSK) price target raised $2 to $44.
Canaccord analyst, Richard Davis, said, "Autodesk posted a modest upside to estimates that many feared would be missed due to a weak world economy. Investors misunderstand that 1) Autodesk’s cost structure is better positioned for any current slowdown (which we do not believe will be a perfect repeat of 2008) and 2) the longer-term outlook for the firm is for much more predictable, probably faster growth (11%+ organic revenue) as increasing components of the firm’s revenues come from subscription and cloud-based PLM and simulation services. We expect those factors to lead to a gradual multiple expansion and a top decile stock price performance. We would be buyers of the stock here, but we become especially interested on market-induced pullbacks into the low $30s. We expect ADSK shares to breach the stock’s recent mid-$40s high within a year."
"We have increased our F2013 non-GAAP EPS estimate by $0.10 to $2.00 (versus FC estimate of $1.97) on unchanged revenues of $4.35 billion."
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 $34.04 yesterday.
Canaccord analyst, Richard Davis, said, "Autodesk posted a modest upside to estimates that many feared would be missed due to a weak world economy. Investors misunderstand that 1) Autodesk’s cost structure is better positioned for any current slowdown (which we do not believe will be a perfect repeat of 2008) and 2) the longer-term outlook for the firm is for much more predictable, probably faster growth (11%+ organic revenue) as increasing components of the firm’s revenues come from subscription and cloud-based PLM and simulation services. We expect those factors to lead to a gradual multiple expansion and a top decile stock price performance. We would be buyers of the stock here, but we become especially interested on market-induced pullbacks into the low $30s. We expect ADSK shares to breach the stock’s recent mid-$40s high within a year."
"We have increased our F2013 non-GAAP EPS estimate by $0.10 to $2.00 (versus FC estimate of $1.97) on unchanged revenues of $4.35 billion."
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 $34.04 yesterday.
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