UPDATE: JP Morgan Downgrades Autodesk to Neutral on Execution Issues
JP Morgan reduced its rating on Autodesk (NASDAQ: ADSK) from Overweight to Neutral and lowered its price target from $43 to $32.50.
JP Morgan commented, "Our thesis of new product suites being able to drive low double-digit revenue growth has been eroded by sales execution issues from restructuring earlier in the year and now another restructuring focused on business model change (accelerating the move to the cloud). While the stock is down heavily in after hours, our concern is that the execution/business model change risk will keep a lid on share performance until growth visibility improves."
Autodesk closed at $35.71 on Thursday.
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