UPDATE: Bank of America Reiterates Neutral Rating, Raises PT on Autodesk on Solid Quarter

In a report published Friday, Bank of America analyst Kash Rangan reiterated a Neutral rating on

, and raised the price target from $62.00 to $63.00. In the report, Bank of America noted, “ADSK beat revenue and EPS estimates ($618mn vs. our/cons est. of $598/$602mn, and $0.25 vs. our/cons est. $0.20/$0.22) with license upside. Deferred revenue and total subs were also stronger, topping $1bn and 2.13mn, respectively. ADSK increased FY15 guidance, raising revenue growth from 7-9% to 9-10%, billings growth from 10-12% to 15-17%, and net sub adds from 200-250K to 325-375K. Net sub adds were 96K ex. 25K from Delcam, and deferred revenue was higher by $25.4mn driven by LT deferred (from an eight-figure deal) rather than ST upside.” Autodesk closed on Thursday at $58.41.