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UPDATE: Jefferies Upgrades Autodesk to Buy on Exposure to Non-Residential Real Estate Cycle

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Jefferies upgraded Autodesk (NASDAQ: ADSK) from Hold to Buy and raised the price target from $40.00 to $45.00.

Jefferies said, "We upgrade ADSK to Buy based on: i) Increased conviction of a non-residential real estate cycle over the next 12-18 months plus ADSK's high sales correlation to this (R²=0.74); ii) ADSK's strong position in BIM with room for increased penetration in intl markets/ construction; iii) Model setup that is attractive under a cycle scenario; and iv) a valuation that is ok given our view on the cycle/shift to higher recurring rev."

Autodesk closed at $36.72 on Thursday.

Latest Ratings for ADSK

DateFirmActionFromTo
Jan 2017Wells FargoInitiates Coverage OnOutperform
Dec 2016Canaccord GenuityUpgradesHoldBuy
Sep 2016Evercore ISI GroupInitiates Coverage onBuy

View More Analyst Ratings for ADSK
View the Latest Analyst Ratings

Posted-In: JefferiesAnalyst Color Upgrades Analyst Ratings

 

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