UPDATE: Jefferies Upgrades Autodesk to Buy on Exposure to Non-Residential Real Estate Cycle
Jefferies upgraded Autodesk (NASDAQ: ADSK) from Hold to Buy and raised the price target from $40.00 to $45.00.
Jefferies said, "We upgrade ADSK to Buy based on: i) Increased conviction of a non-residential real estate cycle over the next 12-18 months plus ADSK's high sales correlation to this (R²=0.74); ii) ADSK's strong position in BIM with room for increased penetration in intl markets/ construction; iii) Model setup that is attractive under a cycle scenario; and iv) a valuation that is ok given our view on the cycle/shift to higher recurring rev."
Autodesk closed at $36.72 on Thursday.
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