- Mizuho analyst Matthew Broome maintained Autodesk Inc (NASDAQ:ADSK) with a Buy and cut the price target from $290 to $240.
- This week ADSK held its annual user conference.
- During the event, ADSK introduced three new verticalized cloud environments, currently in the early stages of development, to support operational workflows across each of its primary markets.
- He views this approach as differentiated within the design industry. He believes it can more meaningfully transform customer operations as they transition to the cloud over the long term.
- More broadly, he appreciates ADSK’s strong value proposition and market position and expects its still-ramping subscription model to drive ongoing mid-teens revenue growth.
- The price target cut reflects updated comps.
- Price Action: ADSK shares traded lower by 1.99% at $187.18 on the last check Thursday.
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