UPDATE: Canaccord Genuity Downgrades Autodesk to Hold on Miss, Down Guidance

Canaccord Genuity reduced its rating on Autodesk

from Buy to Hold and reduced its price target down to $32 a share. Canaccord Genuity noted, "Despite positive checks from nine similar companies, Autodesk missed and guided down. The question is whether this is a lagging indicator following PTC's and Ansys' March scuffles or a precursor of trouble caused by what certainly appears to be a slowing world economy. Given that the September/ October quarter is so seasonally slow for everyone in software, it seems to us that the answer to what's happening won't become clear until early next year. If so, it seems likely that ADSK shares will mark time during this period, even after the hammering that shares took in frenzied after hours trading. To us, a stock that's likely to mark time should be a HOLD, not a Buy." Autodesk closed at $35.71 on Thursday.