In a report released today, Koji Ikeda from Oppenheimer maintained a Buy rating on Autodesk (ADSK – Research Report), with a price target of $190. The company’s shares closed yesterday at $172.77, close to its 52-week high of $173.44.
“We recently met with Autodesk’s VP of IR Abhey Lamba and left the meeting more positive on the business momentum, growth strategy, and market positioning in the construction and manufacturing verticals. We believe management has created a deep moat and defensible business enabling industry participants to design and make things better, faster, more accurately, while producing less waste. Bottom line: We believe the ADSK investment narrative is shifting to the business disrupting the construction vertical over the next 24-36 months with its portfolio of applications and core growth drivers (renewals, conversions, direct, etc.) that should drive good revenue growth and FCF generation toward the FY2023 targets, which should support valuation and act as a good anchor for long-term investors. Reiterate Outperform, $190 PT.”
According to TipRanks.com, Ikeda is a 5-star analyst with an average return of 37.0% and a 94.0% success rate. Ikeda covers the Technology sector, focusing on stocks such as Coupa Software Inc, BlackLine Inc, and SPS Commerce.
Currently, the analyst consensus on Autodesk is a Strong Buy with an average price target of $182.57, implying a 5.7% upside from current levels. In a report issued on April 11, Mizuho Securities also initiated coverage with a Buy rating on the stock with a $200 price target.
The company has a one-year high of $173.44 and a one-year low of $117.72. Currently, Autodesk has an average volume of 1.84M.
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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.