Autodesk price target lowered to $236 from $242 at Piper Sandler

Piper Sandler analyst Clarke Jeffries lowered the firm’s price target on Autodesk to $236 from $242 and keeps an Overweight rating on the shares. Higher macroeconomic uncertainty is spurring broader enterprise appetite to preserve cash, resulting in more software-as-a-service customers electing for shorter payment duration and fewer multiyear pre-payments, Jeffries tells investors in a research note. Specific to Autodesk, he sees a situation where net new multiyear billings are "significantly pressured" in fiscal 2024 as the planned annual billings transition overlaps with an environment where short-term yields are nearly 5%.