Analyst Daniel Jester from BMO Capital maintained a Hold rating on Autodesk and increased the price target to $343.00 from $333.00.
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Daniel Jester’s rating is based on a combination of factors that reflect Autodesk’s current market position and future prospects. Despite delivering strong results in the fiscal third quarter, with notable improvements in revenue growth and a positive outlook for the fourth quarter, there are still elements of uncertainty in the broader market environment. The company’s Construction Cloud continues to gain traction, and there is progress in breaking down data and workflow silos across various industries, which are positive signs.
However, Jester’s Hold rating suggests a cautious approach due to the balanced risk and reward profile in the near term. While Autodesk has shown solid performance with impressive billings and revenue growth, the pace of margin improvement has been somewhat slower. Additionally, as the company sets new margin targets for FY29, the focus is expected to shift towards understanding the factors that will drive sustainable growth amidst ongoing macroeconomic uncertainties. This balanced view of potential risks and rewards justifies the Hold rating.
According to TipRanks, Jester is a 4-star analyst with an average return of 4.5% and a 49.76% success rate. Jester covers the Technology sector, focusing on stocks such as Workiva, Intuit, and Autodesk.
In another report released yesterday, J.P. Morgan also reiterated a Hold rating on the stock with a $319.00 price target.