UPDATE: Citigroup Downgrades Autodesk to Sell

Shares of Autodesk

were downgraded from Neutral to Sell by Citigroup Monday morning. While analyst Walter Pritchard maintains his $36 price target, he believes the stock has run “meaningfully above...fair value.” In full year 2015, Pritchard expects “commentary from partners and financial metrics will show momentum in upgrades, not subscriptions.” Furthermore, Pritchard views the “transition of core upgrade to maintenance subscription is revenue accretive.” Pritchard believes management's “long-term targets look too high.” He sees EPS of $4 as "possible over some timeframe,” but not before full year 2018. Just ahead of the closing bell Monday, shares of Autodesk are down about 1.8 percent to $51.53 following the downgrade.