UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Autodesk

In a report published Wednesday, Jefferies reiterated its Hold rating on Autodesk

, and raised its price target from $34.00 to $40.00. Jefferies noted, “Our most recent channel survey work suggests an in-line F4Q13, with the potential for upside driven by the impending upgrade pricing change. But the stock is up 20% in the last 3 months and despite improving macro trends (ABI, CRE loan data and the JEF Industrial diffusion Index), clearly more is being priced in. We retain our HOLD and move our PT to $40.” Autodesk closed on Tuesday at $38.86.