Found on Google Finance this morning:
Goldman Sachs reiterated its Buy rating on Autodesk (NASDAQ: ADSK). In a research report published today, Goldman also left its price target unchanged at $51.
In the report, Goldman states, "Our bullish thesis on Autodesk is driven by: (1) in our view it is the right time of the economic cycle to own Autodesk as key drivers of nonresidential construction and employment are still only in the earliest stages of improving; (2) we view Autodesk as the best margin expansion story in our coverage; and (3) the company's emerging suite strategy has the potential to drive greater customer spend over a multi-year horizon. Autodesk currently trades at 26X CY2011 non-GAAP EPS, in-line with the software group median. Our 12-month price target of $51.00 is based on 23.5X our CY2012E EPS of $2.16 and implies 11% upside from current levels. Risks include persisting sluggishness in commercial construction and/or employment, as well as FX fluctuations given majority international exposure."
On Friday, Autodesk lost 0.91% to close the week at $45.57.
Posts
No comments:
Post a Comment