Autodesk price target raised to $375 from $350 at Oppenheimer

Oppenheimer raised the firm’s price target on Autodesk (ADSK) to $375 from $350 and keeps an Outperform rating on the shares. The firm notes Autodesk reported better than expected Q2 results, and increased full-year guidance against lingering macro uncertainty. Optimistically, management continues to embed pandemic-level conservatism into the low-end of the billings range. Autodesk also positively surprised investors with a sneak peek at long-term margins expectations, Oppenheimer adds. The firm remains positive on medium and long-term margins, and now sees a clearer path back to double-digit “core” revenue growth. Looking ahead, Oppenheimer sees Investor Day and AU as potential catalysts.