Market Overview

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

Related ADSK
Bernstein's Favorites In The US SMID-Cap Software Space
Benzinga's Top Upgrades, Downgrades For May 24, 2017

Canaccord Genuity reduced its rating on Autodesk (NASDAQ: ADSK) 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.

Latest Ratings for ADSK

May 2017BernsteinInitiates Coverage OnOutperform
May 2017Bank of AmericaUpgradesUnderperformNeutral
May 2017RBC CapitalUpgradesSector PerformOutperform

View More Analyst Ratings for ADSK
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Downgrades Intraday Update Analyst Ratings


Related Articles (ADSK)

View Comments and Join the Discussion!