Autodesk Shares Down 4% Following Deutsche Bank’s Downgrade


Autodesk, Inc. (NASDAQ:ADSK) shares closed more than 4% lower on Monday following Deutsche Bank analysts’ downgrade of the company to Hold from Buy, with a new price target of $225 (from $275). Deutsche Bank analysts provided their views ahead of the upcoming quarterly earnings report, scheduled on Thursday.
The analysts provided the following three reasons for the downgrade: (1) majority of partner conversations indicate mixed Q1 results, (2) downside to full 2023-year estimates from changing demand, potentially lower adoption of multi-year contracts, FX, and Russia/Ukraine war, and (3) downside to full 2024-year billings/cash flow estimates as the Street is mis-modeling the impact from the migration away from 3-year upfront contracts.


Follow us on Google news for more updates and News










Full Disclaimer








>

FREE

Get the most important news and analyses for Free.

Thank you for subscribing.

Something went wrong.