UPDATE: Jefferies Reiterates on Autodesk on Incremental Conviction on the Model Transition

In a report published Wednesday, Jefferies analyst Ross MacMillan reiterated a Buy rating on

, and raised the price target from $48.00 to $56.00. In the report, Jefferies noted, “We continue to believe that the shift in the business model to more recurring revenue, more cloud services and higher revenue per customer, coupled with gradually improving end market demand makes for a powerful combination that can drive improved earnings power. We raise our PT to reflect our higher confidence in the model transition following our trip to Autodesk University.” Autodesk closed on Tuesday at $45.77.