Autodesk initiated with an Overweight at Wells Fargo

Wells Fargo analyst Michael Turrin initiated coverage of Autodesk with an Overweight rating and $340 price target The firm has confidence the company’s recent model transitions will help “pave a cleaner path forward” for reaccelerating revenue growth and a return to 30% free cash flow margin. Autodesk has proven the design category de facto for decades, delivering double-digit revenue growth at scale, expanding its core foundation of strength into adjacencies and transitioning the model to recurring revenue to build a more resilient base for the business, the analyst tells investors in a research note.