UPDATE: Canaccord Genuity Upgrades Autodesk, Inc. to Buy

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In a report issued Wednesday, Canaccord Genuity upgraded its rating on Autodesk
ADSK
from Hold to Buy with a target price of $60. Analyst Richard Davis of Canaccord sees Autodesk as having the industry's “most complete Design, Simulation and Visualization suite”. Davis expects a multi-year transition to a more predictable model for Autodesk that should “easily” clear the 30% margin threshold in 2017 and also would push recurring revenues to near 80% in late 2017. Davis does however caution that this transition could begin very slowly but overall the slow start shouldn't be of concern. Despite this encouraging upgrade from Canaccord Wednesday morning, the stock has been trading only modestly high so far in the mid-day session. As of last check, Autodesk shares are up just a penny to $48.33.
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