Bank of America Maintains Neutral, $38 Target on Autodesk
Bank of America reiterates its Neutral rating and $38 target on Autodesk, Inc. (NASDAQ: ADSK) on continuing macro risks despite continued upbeat 2013 outlook.
BofA comments, “ADSK did not provide any updates to their upbeat FY13 guide thus maintaining goals of at least 10% y/y rev growth with margin expansion. If macro conditions were to deteriorate further, mgt appeared prepared to step in with aggressive cost cuts at a pace faster than seen in the last recession to maintain EPS growth. That said we believe ADSK is already managing sales and marketing expenses prudently. While we are encouraged by the upbeat outlook, macro risks from EU and a potential slowdown in global spending cannot be ignored and may temper upside to numbers in FY13.”
ADSK closed at $31.49 per share on Tuesday.
