Canaccord Genuity Maintains a 'Buy' on Autodesk (ADSK); Good Start Alleviates Some Investor Fear
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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 maintains a 'Buy' on Autodesk (NASDAQ: ADSK) price target of $47.00.
Analyst, Richard Davis, said, "We expect investors to reward ADSK with a higher multiple as the company transitions its business model from shrink wrap product cycles to subscriptions and cloud delivery of rendering, PLM and simulation. Technologically, the company is there with visualization/rendering, just rolling out cloud PLM, and still has holes in its simulation suite. Nearly 40% of the firm’s revenues are from subscriptions today, and this mix should shift a few percentage points favorably each year as new, cloud-based products roll out. Finally, ADSK has begun to manage investors’ expectations better by setting guidance conservatively so as to avoid inevitable angry reaction to quarterly shortfalls. This quarter’s results and outlook support the notion. At 12x C2013 estimates, Autodesk remains one our favorite large cap GARP recommendations."
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 $34.73 yesterday.
Analyst, Richard Davis, said, "We expect investors to reward ADSK with a higher multiple as the company transitions its business model from shrink wrap product cycles to subscriptions and cloud delivery of rendering, PLM and simulation. Technologically, the company is there with visualization/rendering, just rolling out cloud PLM, and still has holes in its simulation suite. Nearly 40% of the firm’s revenues are from subscriptions today, and this mix should shift a few percentage points favorably each year as new, cloud-based products roll out. Finally, ADSK has begun to manage investors’ expectations better by setting guidance conservatively so as to avoid inevitable angry reaction to quarterly shortfalls. This quarter’s results and outlook support the notion. At 12x C2013 estimates, Autodesk remains one our favorite large cap GARP recommendations."
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 $34.73 yesterday.
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