Mizuho Securities raised the price target on Autodesk stock to $290 (15.5% upside potential) from $280 and maintained a Buy rating after the software company raised its expectations for the third quarter. The earnings release is scheduled for Nov. 24. Shares of Autodesk closed 2.2% higher on Friday.
Autodesk (ADSK) said that its 3Q results would be higher than its earlier guidance range across all metrics. The company had previously anticipated 3Q revenues in the range of $930-945 million and earnings in the range of $0.91-0.97 per share.
The company added that it “remains confident in its fiscal 2023 financial goals and the long-term potential from digitization across AEC, the convergence of design and make in manufacturing, and the monetization of non-compliant and legacy users.” (See ADSK stock analysis on TipRanks).
Mizuho analyst Matthew Broome remains positive on the company’s upcoming 3Q results and is confident that it can reach its fiscal 2023 targets. The analyst views the company’s statements as “clearly very positive,” but also feels that they are “short on important detail such as new business activity.”
The company also announced the departure of its CFO, Scott Herren, in mid-December. He will join peer Cisco Systems as CFO.
Like Broome, the Street also has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 13 Buys, 1 Hold and 1 Sell. The average price target stands at $271.23, implying upside potential of about 8.1% to current levels. Shares rose by about 36.8% year-to-date.
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