Autodesk Analyst Cuts Price Target By 17%; Hails Three New Cloud Environments

Mizuho analyst Matthew Broome maintained Autodesk Inc ADSK with a Buy and cut the price target from $290 to $240.
This week ADSK held its annual user conference.
During the event, ADSK introduced three new verticalized cloud environments, currently in the early stages of development, to support operational workflows across each of its primary markets.
He views this approach as differentiated within the design industry. He believes it can more meaningfully transform customer operations as they transition to the cloud over the long term.
More broadly, he appreciates ADSK's strong value proposition and market position and expects its still-ramping subscription model to drive ongoing mid-teens revenue growth.
The price target cut reflects updated comps.
Price Action: ADSK shares traded lower by 1.99% at $187.18 on the last check Thursday.

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