UPDATE: Jefferies Cuts PT to $43 on Autodesk; Sequential Decline in Backlog

Jefferies reduces its price target on Autodesk ADSK from $47 to $43 and reiterates its Buy rating as core thesis remains unchanged for the company. Jefferies says, "F1Q13 and guidance gives the bears ammo, with EMEA deceleration, weak maintenance billings and a sequential product backlog decline. It's hard to refute the European slowdown (our survey work pointed to it), but we don't think the shift toward subscription rev and higher op margins has changed. We trim ests and PT but keep our Buy." ADSK closed at $34.73 on Thursday.