Autodesk (ADSK) PT Lowered to $239 at Piper Sandler

Piper Sandler analyst Clarke Jeffries lowered the price target on Autodesk (NASDAQ: ADSK) to $239.00 (from $260.00) while maintaining a Neutral rating.

The analyst commented, "For the investor with a cost basis under $220, ADSK's aftermarket-close announcement on Friday is likely a buying signal as the company clears event risk tied to a restatement of results (or targets) after the audit committee review. However, looking beyond the recent short-term re-rating, we believe investor fatigue in ADSK's transitions (including now a CFO transition) and some skepticism on the FCF power of this business are real impediments to the capture of a Rule of 40+ vertical software multiple and a return back to prior levels. Considering a challenging macro backdrop and ten-year yields hovering at 450bps, we believe it's prudent to lower our PT to $239 and retain a Neutral rating on a 12-month basis. "

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