UPDATE: Citi Lowers PT on Autodesk from $42 to $31

Citi has published a research report on Autodesk ADSK lowering the price target. In the report, Citi wrote, "Revenue of $546M was ahead of our $534M and consensus $539M. From a segment perspective, AEC bounced back from lower growth in Q1 but still lags manufacturing where growth is stronger due to end-markets and share. Europe commentary suggested no change in end-markets which is surprising but is supported in the numbers where this geography was better than we modeled." Citi rated Autodesk a High Risk HOLD with a price target lowered from $42.00 to $31.00. Autodesk closed Thursday at $26.51.