UBS Cuts Outlook on Autodesk (ADSK); Negative Surprise, But Drop Offering Buying Opportunity
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Price: $216.40 +0.65%
Rating Summary:
23 Buy, 14 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
23 Buy, 14 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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UBS maintains a 'Buy' on Autodesk (NASDAQ: ADSK) price target of $36.00 (from $40.00).
Analyst, Brent Thill, said, "Although our VAR survey indicated some weakness and we had cut FY13 revs below guidance in mid-July, we did not expect a miss and lower guide. We believe the changes ADSK made early in the yr around sales org and reseller plans may have been too many at once; the disruptions took until July to surface and were exacerbated by a tough macro. After falling 22% in After-Hours, stock trades below 2x EV/S, which has historically been a good entry point, but the stock could be volatile as corrective measures may take 1-3 quarters to play out."
FY13 EPS estimate lowered from $2.00 to $1.93 and FY14 from $2.53 to $2.24.
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.
Analyst, Brent Thill, said, "Although our VAR survey indicated some weakness and we had cut FY13 revs below guidance in mid-July, we did not expect a miss and lower guide. We believe the changes ADSK made early in the yr around sales org and reseller plans may have been too many at once; the disruptions took until July to surface and were exacerbated by a tough macro. After falling 22% in After-Hours, stock trades below 2x EV/S, which has historically been a good entry point, but the stock could be volatile as corrective measures may take 1-3 quarters to play out."
FY13 EPS estimate lowered from $2.00 to $1.93 and FY14 from $2.53 to $2.24.
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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