Autodesk (ADSK) PT Raised to $235 at CFRA
CFRA analyst Janice Quek raised the price target on Autodesk (NASDAQ: ADSK) to $235.00 (from $231.00) while maintaining a Hold rating.
The analyst comments "We raise our target price to $235 from $231, on a P/E of 28.4x our next-twelve-months EPS estimate of $8.27, in line with its 1-year average. We raise our FY 25 EPS forecast to $8.15 from $8.11 and our FY 26 EPS projection to $9.09 from $9.05. ADSK reported Q1 revenue of $1.42B, above consensus by $17.8M, while non-GAAP EPS of $1.87 beats by $0.10. Revenue increased 11.7% Y/Y, lifted by Subscription sales of $1.33B, up 11.5% Y/Y during the quarter. Maintenance revenue declined 21% Y/Y. Q1 results benefitted from price increases and strong demand momentum in AEC and Manufacturing. Media and Entertainment remained sluggish from the residual effects of the Hollywood strikes, and sales from its China region also dragged on overall topline growth. Macroeconomic headwinds are persistent, as the reiteration of its FY 25 sales guide suggests reduced visibility and conservatism in its H2 outlook despite Q1 results and a Q2 forecast above expectations."