Canaccord Maintains Buy, Target of $44 on Autodesk

Canaccord reiterates its Buy rating and target price of $44 per share on Autodesk, Inc. (NASDAQ: ADSK) as company is seen to lead the way to cloud virtual product design.

Canaccord says, “We believe Autodesk's still nascent move into cloud software delivery: 1) improves the company's ability to capture market share, 2) increases the addressable market size and future growth rates, and 3) improves quarterly and annual predictability. Those factors almost always lead to higher P/E's and superior stock price performance over the long-run.”

ADSK closed at $31.49 per share on Tuesday.