Autodesk (ADSK) Received its Third Buy in a Row


After Evercore ISI and Credit Suisse 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 $160. The company’s shares closed yesterday at $123.05.

Ikeda observed:

“Autodesk reported strong F3Q results and raised guidance. Highlights include: 1) total ARR growth accelerating to +33% y/y and triple-digit subscription-plan ARR growth; 2) accelerating billings and deferred revenue growth; 3) ramping FCF generation; and 4) expanding margins. We like the complementary nature and potential synergies of PlanGrid, which should help Autodesk accelerate share gains in the digital construction opportunity. On balance, the uncertainty on potential impacts to near- term FCF and margins may act as a hurdle for new investors until the deal closes and management can further discuss the overall strategy. Bottom line: The F3Q results are another data point that Autodesk’s products are entrenched and considered strategic in its end-markets. Maintain Outperform. Lower PT to $160 (from $175) on group multiples compression.”

According to TipRanks.com, Ikeda is a 5-star analyst with an average return of 29.5% and a 75.0% 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 Strong Buy analyst consensus rating for Autodesk with a $160.92 average price target, implying a 30.8% upside from current levels. In a report issued on November 14, Evercore ISI also maintained a Buy rating on the stock with a $175 price target.

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The company has a one-year high of $159.94 and a one-year low of $101.55. Currently, Autodesk has an average volume of 2.23M.

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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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