Analyst Elizabeth Porter of Morgan Stanley maintained a Buy rating on Autodesk (ADSK – Research Report), retaining the price target of $330.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Elizabeth Porter’s rating is based on a combination of factors, including the recent performance of Autodesk’s peers in the design software industry. Despite a challenging macroeconomic environment, these peers have reported stable demand and solid bookings growth, indicating a resilient market for design software. Although there are some concerns about potential delays in deal cycles, the overall pipeline remains robust, suggesting continued demand for Autodesk’s offerings.
Furthermore, Autodesk’s management has provided conservative guidance, which aligns with the cautious approach observed across the industry. This guidance includes a reiteration of full-year core revenue growth targets, which are expected to be between 8-9% year-over-year. Given Autodesk’s current valuation and the potential for modest upside, Elizabeth Porter believes that the stock is well-positioned for growth, justifying her Buy rating.