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Autodesk 'Favorable' Heading Into Earnings, UBS Says

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In a report published Tuesday, analysts at UBS maintained their Buy rating on Autodesk, Inc. (NASDAQ: ADSK). The price target was maintained at $74. The company's stock has declined 4 percent year-to-date, driven by macro and other concerns.

The analysts believe these concerns are overdone, given that "industry peers had a good start to CY15 except for some of the higher-end vendors in the manufacturing space. FX headwind was a common theme, though ADSK has an effective 4-quarter rolling FX hedging strategy and rates appear to be stabilizing recently."

UBS expressed its optimism regarding the steady progress Autodesk has been making in transitioning its business model to subscriptions. The company has also continued to make market share gains. The stock's valuation is attractive at present.

"Although recent macro-economic headwinds have led to inconsistent execution and slower growth, a positive dynamic has been the company's decision to accelerate its transition to a recurring revenue model, including expanded product rental options," the analysts said.

Autodesk guided to revenue and EPS for FQ1 in-line with the estimates and the consensus.

Latest Ratings for ADSK

DateFirmActionFromTo
Apr 2019Initiates Coverage OnBuy
Apr 2019ReinstatesOverweight
Mar 2019MaintainsOverweightOverweight

View More Analyst Ratings for ADSK
View the Latest Analyst Ratings

Posted-In: UBSAnalyst Color Reiteration Analyst Ratings

 

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