Autodesk price target lowered to $323 from $335 at KeyBanc

KeyBanc lowered the firm’s price target on Autodesk (ADSK) to $323 from $335 and keeps an Overweight rating on the shares. The firm says checks are tracking in line with to slightly below plans through mid-quarter. Resellers are tracking modestly behind plans attribute softness to pull-forward activity seen in Q4. The channel also picked up incremental weakness/downsizing activity in manufacturing. The company’s 8%-9% revenue guidance assumes some cushion due to the recent RIF, informing KeyBanc’s view of moderate revision risk.