- BMO Capital Markets analyst Daniel Jester initiated coverage on Autodesk Inc (NASDAQ:ADSK) at Market Perform rating at a price target of $224.
- The analyst thinks ADSK’s business is currently more insulated from macro volatility on its business transformation initiatives.
- Jester is bullish on the company’s efforts to gain a share in the manufacturing industry and enter the construction sector in the design and project management stages.
- The analyst thinks these initiatives can drive ADSK’s cross-selling opportunities, boost connected workflows and data and analytics features, and grow the third-party ecosystem.
- However, the analyst is concerned about headwinds such as shorter duration contracts and a moderate new subscription growth pace continuing into this year.
- For Q1 FY24, which will release tomorrow, Jester estimates revenue growth of 8.1% y/y and EPS of $1.56, with revenues slightly lower than consensus but profits marginally higher than Street estimates.
- For FY24, the analyst expects revenues of $5.4 billion (+8% y/y) and EPS of $7.33 (almost in line with the consensus).
- Also Read: Digitization Drives Autodesk’s Skyrocketing Potential, Analyst Predicts Bright Future
- Price Action: ADSK shares are trading lower by 0.99% at $194.70 on the last check Wednesday.
ADC Therapeutics Announced Exclusive License Agreement with Sobi to Develop and Commercialize ZYNLONTA in Europe and Select International Territories; ADC Therapeutics is Eligible to Receive Up to $435M, Including Milestones
ADC Therapeutics SA (NYSE: ADCT) today announced it has entered into an exclusive license agreement with Swedish Orphan Biovitrum AB (Sobi®) for the development and commercialization of ZYNLONTA® for all hematologic and solid tumor indications outside of the United States, greater China, Singapore and Japan.
