Autodesk initiated with a Neutral at DA Davidson

DA Davidson analyst William Jellison initiated coverage of Autodesk with a Neutral rating and $260 price target. The firm sees Autodesk’s “ubiquity in computer aided design as a top decile asset with a wide moat.” However, the company “delivers second-quartile performance and rightfully receives a second-quartile multiple,” the analyst tells investors in a research note. Davidson said that without a more meaningful catalyst it values the business similarly.