UPDATE: Wedbush Securities Initiates Autodesk at Neutral on Persisting Cycle Issues

Wedbush Securities initiated coverage on Autodesk ADSK with a Neutral rating and a price target of $36. Wedbush Securities noted, "We regard ADSK as a cyclically-sensitive name with good secular growth potential, a strong global franchise, and an attractive valuation. ADSK benefits from global development trends and a strong market position, with the largest worldwide channel network of any design software vendor. Due to the company's exposure to the credit-sensitive small and mid-sized business (SMB) sector, ADSK shares are generally discounted relative to their long-term growth potential. At present, shares are trading at the largest discount to the median software forward P/E since late 2008 during the height of the recession." Autodesk closed at $32.74 on Thursday.