Autodesk (ADSK) Gets More Analyst Love

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Autodesk (ADSK) is not considered a “sexy” stock by most investors; however, considering it’s setting all-time highs around the high $50s, plenty of investors think ADSK is worth investing in.

AutodeskAnalyst Philip Winslow of Credit Suisse thinks Autodesk still has higher to go, upgrading ADSK from “neutral” to “outperform” Thursday and raising the price target to $70 from its previous of $50.

Credit Suisse’s Philip Winslow noted the following in the report, courtesy of Benzinga:

“We are upgrading Autodesk to Outperform from Neutral and raising our target price to $70 from $50, as we believe that several significant changes to its business model will result in meaningful long-term upside to revenue (at limited incremental cost) and, therefore, operating profitability that is not reflected in consensus estimates or the stock’s valuation.”

ADSK got a nearly 4% bump on the news, putting the stock less than $1 away from all-time highs of $58.58.

Winslow is not the only analyst who feels strongly about the immediate future of ADSK.

Analysts at Robert W. Baird bumped up their price target from $60 to $62 in mid-August. Cowen & Company also upgraded the company earlier this month, from “market perform” to “outperform.”

This year has been a good one for Autodesk to this point. Its most recent quarterly earnings report — out Aug. 14 — was positive, with revenues of $637.10 million easily topping the consensus estimate of $603 million.

Don’t be surprised if we see more analyst love before the year is over.

As of this writing, Chris Bibey did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2014/10/autodesk-adsk-gets-analyst-love/.

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