Citigroup Maintains Neutral, PT of $28 on Autodesk

Citigroup reiterates its Neutral rating and $28 price target on Autodesk, Inc. (NASDAQ: ADSK) as proprietary resellers survey hits at a strong qurter in October.

Citigroup commented, “Resellers reported actual Q3 growth (+4.8% Q/Q) is 140bps above target expectations set on Q2 survey (3.2%) which we view positively. ADSK upside versus mid-point of guidance has on average have been ~200bps better. Partners continue to achieve accelerators (62% to 82%) pointing to upside in the quarter. Suites traction interest has still not accelerated.”

ADSK closed Thursday's session trading at $32.72 per share.