Bank of America Merrill Lynch Maintains Buy on Autodesk

Bank of America Merrill Lynch is out with its report today on Autodesk ADSK, maintaining Buy. In a note to clients, Bank of America Merrill Lynch writes, "We reiterate our Buy and view ADSK as a winner in the CAD software space. ADSK has sold off in the past month (-9% vs. NASDAQ at -2%) from tepid macro data indicators like ABI and PMI. However ADSK performance appears less correlated to these indices than perceived and we don't see a risk to guidance if macro does not deteriorate significantly and mgt continues to execute. We believe ADSK is gaining share in its end markets through competitive displacements, benefiting from better tech + broader distribution + lower price point, which could allow it to continue outperforming industry growth." Bank of America Merrill Lynch maintains a $50 PT on ADSK. Shares of ADSK closed Wednesday at $38.54, up 0.94% from Tuesday's close.