Autodesk price target raised to $265 from $260 at KeyBanc

KeyBanc raised the firm’s price target on Autodesk to $265 from $260 and keeps an Overweight rating on the shares after speaking to several resellers related to the company’s upcoming transaction model change. Overall, resellers concluded that the model transition would likely be “fine,” the firm says. Based on KeyBanc’s analysis, and depending on the outcome of the pilot program currently running in Australia, the firm estimates that transaction model change will provide a modest 0.5-1.0 pts revenue tailwind for FY25. Given its analysis, KeyBanc modestly raises its FY25 estimates and price target.