UPDATE: Bank Of America Reiterates On Autodesk Following Strong Results

In a report published Friday, Bank of America analyst Kash Rangan reiterated a Neutral rating on

, and raised the price target from $53.00 to $62.00. In the report, Bank of America noted, “ADSK beat revenue and EPS estimates ($637mn vs. our/cons est. of $603/$604mn, and $0.35 vs. our/cons est. $0.27/$0.29) with license upside. Deferred revenue was stronger than expected and total subs ended the quarter at 2mn. ADSK increased FY15 guidance, raising revenue growth from 4-6% to 7-9%, billings growth from 7-9% to 10-12%, and net sub adds from 150-200K to 200-250K.” Autodesk closed on Thursday at $56.28.