UPDATE: Jefferies Downgrades Autodesk to Hold on Weaker Data
Jefferies reduced its rating on Autodesk (NASDAQ: ADSK) from Buy to Hold and lowered its price target from $39 to $34.
Jefferies noted, "A combination of our channel survey indicating weakening demand trends, other technical software companies (ANSS/PMTC) guiding to 4Q growth below seasonal trends and concerns about the impact from ADSK's suite strategy to drive higher margins lead us to downgrade the stock. The biggest risk to our call is that macroeconomic trends improve over the course of the next year and ADSK benefits from improved demand in commercial real-estate and manufacturing."
Autodesk closed at $31.57 on Wednesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.