DA Davidson upgraded Autodesk (ADSK) to Buy from Neutral with a price target of $375, up from $305. The firm now believes the business is on “a path to achieve top decile performance” given a combination of demonstrated success in growth businesses like ACC and Fusion as well as organizational change supportive of stronger execution, the analyst tells investors. Transaction model changes will “create noise around margins,” but the firm believes Autodesk has room to drive efficiencies supportive of “substantial profit growth,” the analyst added.
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