Autodesk upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs upgraded Autodesk to Neutral from Sell with a price target of $295, up from $225. The shares have underperformed since Goldman initiated with a Sell on January 21, 2021, and Autodesk now has a clearer path to achieving its long-term growth targets, the analyst tells investors in a research note. The firm says Autodesk’s valuation now “screens more palatable” versus its design peers despite a similar financial profile. Goldman thinks encouraging long-term factors for the company include minimal risk from the transaction model roll out given success to-date and continued pricing leverage across its product suite, with Autodesk’s mission criticality and value-oriented focus favorably positioning them to extract future pricing.