Autodesk, Inc. (NASDAQ:ADSK) shares are trading higher after Oppenheimer upgraded the company's stock from Perform to Outperform and announced a $300 price target.

"We believe the business is well-positioned in a large but lightly penetrated construction industry TAM that is yearning for next-generation technologies, like Autodesk's, to help digitize the industry, which should support the next leg of growth," analyst Koji Ikeda wrote in a note.

Autodesk is an application software company that serves industries in architecture, engineering, and construction; product design and manufacturing; and media and entertainment.

Autodesk's stock was trading up 2.91% at $251 per share on Thursday at the time of publication. The company set a new 52-week high of $251 and has a 52-week low of $125.38.