Jefferies Lowers PT On ADSK To $40

Jefferies has lowered its price target from $44 to $40 on Autodesk ADSK in light of guidance going forward. According to Jefferies, “ADSK beat F2Q12 EPS ests and guided F3Q12 inline with the Street. Mgmt has seen no change to demand thus far, but we sense is ready to act if need be. We continue to like the suite strategy which we think can help drive higher growth and margins medium term. Reiterate BUY and move PT to $40.” As mentioned above, Jefferies maintains its Buy rating on the stock. ADSK closed yesterday at $26.51.