UPDATE: Bank of America Lowers PO to $39 on Autodesk; Outlook Weak

Bank of America lowers its price objective on Autodesk

from $44 to $39 and reiterates its Neutral rating on shares. Bank of America comments, "ADSK is well-positioned and well-leveraged to potential recovery in EU; however that remains uncertain at this point. We continue to see ADSK as a leading CAD design tools provider, but maintain Neutral as EU risks and tougher comps may limit upside. Our PO goes to $39 (from $44) based on ~17x C12E EPS of $1.97 (ex-cash) + $6/share of cash, maintaining a 35% premium to SP500." ADSK closed at $34.73 on Thursday.