Autodesk agreement with Starboard a positive, says Oppenheimer

Oppenheimer analyst Ken Wong views Autodesk’s (ADSK) cooperation agreement with Starboard as a positive development for the company and shareholders. Investors might push back given “only one” of Starboard’s board nominees were selected, but this is a positive with certainty that Starboard will remain involved post the shareholder vote, the analyst tells investors in a research note. The firm believes the news “crystalizes” the upcoming investor day as catalyst. It sees Autodesk’s views on margin expansion opportunities converging, including potential for the return of a growth framework. Oppenheimer keeps an Outperform rating on Autodesk with a $300 price target