Jefferies Reports Reiterated Estimates On Autodesk

According to Jefferies, Autodesk ADSK reiterated F2Q12 and FY12 estimates and described linearity in the current Q as normal. Jefferies said that mgmt used the analyst day to underpin LT financial targets of 12-14% rev growth and a move to 30%+ NG OM with discussion around suites, web services, simulation, PLM and consumer products. “Our $40/ share PT is 20X our FY13 (CY12) EPS estimate of $2.00 or 17X our FY13 EV/ NOPAT adjusting for the $7 net cash a share at the end of FY12.” Autodesk closed yesterday at $38.54.