Autodesk (NASDAQ:ADSK) stock received two Buy ratings from bullish analysts following the release of its better-than-expected fiscal third-quarter results and guidance raise. Yesterday, the company reported year-over-year growth in both revenue and earnings on the back of strong renewal rates and usage trends.
ADSK is a software company specializing in 3D design, engineering, and entertainment software.
Analyst Dylan Becker from William Blair believes that the overall demand environment will continue to remain stable. Also, Becker thinks that Autodesk’s growing pipeline keeps it well-positioned to benefit from ongoing digitization efforts.
Simultaneously, a top-rated analyst from KeyBanc, Jason Celino, maintained a Buy rating on the stock. However, Celino lowered the price target on Autodesk to $245 (indicating 12.6% upside potential) from $250.
Is ADSK a Good Stock to Buy?
Wall Street analysts are cautiously optimistic about Autodesk stock. It has a Moderate Buy consensus rating based on 11 Buys, seven Holds, and one Sell. The average ADSK stock price target of $234.31 implies a 7.6% upside potential.