Wedbush Loweres Price Target on Autodesk (ADSK) Following 'Disappointing' 2Q Guidance
Wedbush Reiterates an Outperform rating on Autodesk (NASDAQ: ADSK), and lowered the price target to $64.00 (from $69.00), after adjusting estimates to show lower revenue and EPS. Analyst Steve Koenig said that 2Q guidance was disappointing.
Koenig commented on ADSK, saying, "ADSK posted a sizeable 1Q beat, but 2Q guidance was disappointing. The $10M revenue beat looks to be entirely attributable to the draw- down of shippable backlog, as suggested by our checks indicating smaller resellers had weak activity (due to the expiration of license upgrades) and that ADSK kept its order window open until the last few days of the quarter, longer
than in the prior two quarters. Also, ADSK is seeing a deteriorating demand environment in Japan since the end of last year, weighing on the near-term outlook."
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 $57.52 yesterday.