Autodesk Analyst Cuts Price Target By 17%; Hails Three New Cloud Environments

Autodesk Analyst Cuts Price Target By 17%; Hails Three New Cloud Environments
  • Mizuho analyst Matthew Broome maintained Autodesk Inc ADSK with a Buy and cut the price target from $290 to $240.
  • This week ADSK held its annual user conference. 
  • During the event, ADSK introduced three new verticalized cloud environments, currently in the early stages of development, to support operational workflows across each of its primary markets. 
  • He views this approach as differentiated within the design industry. He believes it can more meaningfully transform customer operations as they transition to the cloud over the long term.
  • More broadly, he appreciates ADSK's strong value proposition and market position and expects its still-ramping subscription model to drive ongoing mid-teens revenue growth. 
  • The price target cut reflects updated comps.
  • Price Action: ADSK shares traded lower by 1.99% at $187.18 on the last check Thursday.

Posted In: BriefsAnalyst ColorNewsPrice TargetReiterationAnalyst RatingsTech