Autodesk Shares Jump as UBS Upgrades to Neutral
Autodesk (ADSK) shares are trading higher this morning after UBS analyst Heather Bellini upped her rating on the design software company to Neutral from Sell, increasing her price target to $16 from $8.
Bellini said the company analyst meeting on Thursday could prove to be a catalyst for the stock. “We expect management to highlight that while sales have yet to stabilize they are declining at a decelerating rate,” she writes, adding that the April quarter sales guidance of $400 million to $440 million looks “reasonable that as the slope of the decline in demand becomes less steep, management’s predictive value is higher.” She says that without an upcoming revenue miss, there’s not much reason for the stock to trader lower.
