HSBC downgrades Autodesk to Hold on valuation, growth moderation

As previously reported, HSBC analyst Stephen Bersey downgraded Autodesk (ADSK) to Hold from Buy with a price target of $290, down from $299. Q3 results were weaker than the firm expected and the stock has an “expensive relative valuation,” the analyst tells investors. The firm sees a “continued moderation in earnings growth” at Autodesk and prefers Dassault Systemes (DASTY), which it notes is “trading at a much lower multiple despite having comparable growth.”