Goldman Sachs Maintains a 'Sell' on Autodesk (ADSK); Cutting Estimates and PT on Q2 Miss

Goldman Sachs maintains a 'Sell' on Autodesk (NASDAQ: ADSK) price target of $25.00 (from $29.00).

Analyst, Heather Bellini, said, "Total revenue of $569 mn fell short of consensus of $593 mn (GS: $596 mn) as the quarter's results were impacted by execution issues (driven by disruptions from the organizational changes instituted at the beginning of the year) as well as a challenging macro environment. Operating margins also fell short at 25.3% (GS: 26.5%, Street: 26.8%) as did non-GAAP EPS at $0.48 (GS: $0.50, Street: $0.49)."

Bellini said it was encouraging to hear ADSK's manangement address the channel issues, but there's a strong possibility of further weakening throughout Oct/Jan quarters. (FY13 EPS estimate lowered from $1.66 to $1.61, FY14 from $2.02 to $1.88 and FY15 from $2.43 to $2.25)

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 $35.71 yesterday.

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