Citigroup Maintains Neutral, $35 Target on Autodesk

Citigroup reiterates its Neutral rating and $35 target price on Autodesk (NASDAQ: ADSK) as lower vertical tracker trends and modest improvement in macro factors is likely price into shares.

Citi says, “Our proprietary Vertical Tracker continues to show deceleration in 2012 growth expectations. Expected 2012 revenue growth among the 330 companies across 30 countries in Autodesk's target markets is down 60 bps from +6.1% Y/Y in November to +5.5% Y/Y in December. … AIA billings saw a sharp uptick (49.4) after a poor reading for October (46.9 from 51.4). Despite the poor economic climate, Autodesk‘s management remained positive at Autodesk U on the trends in both AEC and manufacturing.”

ADSK closed at $34.39 per share on Friday.