Autodesk price target raised to $316 from $295 at Citi

Citi raised the firm’s price target on Autodesk to $316 from $295 and keeps a Buy rating on the shares. The analyst continues to see upside to shares via both fundamental and value creation levers. The firm’s post-quarter channel checks “leaned positive,” with resellers highlighting better growth expectations and pull-forward ahead of the transaction model rollout. Citi expects “strong upside” in Autodesk’s Q2 to be “partially mechanical in nature,” but is optimistic on at least a slight full year guidance raise, especially with improving macro data. Beyond the demand trends, activist pressure and margin expansion initiatives can drive stronger profitability improvements and serve as a catalyst for the stock, adds the firm.