Analysts Expressed Optimism Over Autodesk's Upcoming Results Citing Robust Demand, Digitization, Easing Macros - Autodesk (NASDAQ:ADSK)

Mizuho analyst acknowledged that several significant large-cap software vendors are due to report July quarter results over the next few weeks. Following an extended sell-off, software and the broader market have significantly rallied in recent weeks.
Mizuho analyst Gregg Moskowitz maintained Autodesk, Inc ADSK with a Buy and raised the price target from $250 to $290.
Moskowitz believes that strong underlying demand for industrial software (as reflected in comp's recent results), and ADSK's resilient subscription model, should once again overcome growing macro and FX-related headwinds.
KeyBanc analyst Jason Celino reiterated Autodesk with an Overweight and price target of $250.
Celino maintained his optimistic view of growth opportunities tied to the digitization of architecture, design, and construction.
With an easing of macro concerns, he acknowledged recent relative outperformance for ADSK (+41% vs. +23% NASDAQ) since June 16 market lows.
Trading at 30x FY24 P/E (or 35x his FY24 EV/FCF), he still saw the potential for multiple expansions toward Industrial Software averages of 34x P/E. Still, tactically he saw a more balanced risk-reward into earnings given the recent relative outperformance.
Wolfe Research analyst Gal Munda initiated coverage of Autodesk with an Outperform rating and a $270 price target.
The analyst said the company had changed its business model over the last few years.
Munda believes the end of discounts for multi-year billings provides a unique opportunity to buy into this "quality name" at a discount.
Price Action: ADSK shares traded lower by 1.55% at $230.03 on the last check Wednesday.

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