Autodesk (ADSK) Received its Third Buy in a Row

After Evercore ISI and KeyBanc gave Autodesk (NASDAQ: ADSK) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Koji Ikeda maintained a Buy rating on Autodesk today and set a price target of $190. The company’s shares closed yesterday at $153.03.

Ikeda wrote:

“Yesterday, Autodesk management gave an upbeat set of presentations at its annual Investor Day in SF. We found management’s updates on: 1) the construction and manufacturing opportunities, 2) the product portfolio, 3) go-to-market strategies and growth drivers, 4) free cash flow generation beyond the integrations of recent acquisitions, as positives. Bottom Line: We see Autodesk well positioned with its portfolio of applications, technology vision and referenceability to gain share in a large (~$59B) Design and Make TAM. We believe there are multiple levers for the business to pull that can drive the next leg of growth (~17% ARR CAGR FY20-23 target) and FCF generation (~21% CAGR FY20-23 target), now that the subscription transition is mostly complete, which supports valuation. Reiterate Outperform.”

According to, Ikeda is a 5-star analyst with an average return of 34.5% and a 88.0% success rate. Ikeda covers the Technology sector, focusing on stocks such as Coupa Software Inc, BlackLine Inc, and SPS Commerce.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Autodesk with a $176.71 average price target, which is a 15.5% upside from current levels. In a report issued on March 20, Evercore ISI also maintained a Buy rating on the stock with a $190 price target.

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The company has a one-year high of $169.05 and a one-year low of $117.72. Currently, Autodesk has an average volume of 1.79M.

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Autodesk, Inc. engages in the design of software and services. Its products include Autodesk 360 cloud services, AutoCAD civil 3D and LT, 3Ds Max, Maya, and Revit.

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