Autodesk: Color on Quarter
KeyBanc Notes: Analyst, Monika Garg, reiterated her Overweight rating on shares of Autodesk (NASDAQ: ADSK) and cut her price target to $134 from $136 after FY18 net subscription guidance was disappointing and ARR guidance was reiterated due to a greater mix of customers moving to lower volume but higher priced products and lesser cloud promotion activity.
Deutsche Bank Notes: Analyst Alex Tout lowered his price target for Autodesk to $140 saying the Q3 earnings report was a disappointment after a "very solid" Q2. The single most important metric of net subscriber additions slowed sequentially, at 146,000 versus 152,000 last quarter, Tout tells investors in a post-earnings research note.
MUFG Notes: Analyst Stephen Bersey reiterates an Underweight rating on Autodesk following the company's Q3 results. The analyst ticked up his price target for the shares to $52 from $51. Traditional operating metrics remain "muddied" during Autodesk's transition period, and new metrics provided offer "relatively little operating strength visibility," Bersey tells investors in a post-earnings research note.
JPMorgan Notes: Analyst Sterling Auty believes his long-term thesis is intact following Autodesk's Q3 results and that the post-earnings selloff provides a buying opportunity. While the net subscriber addition outlook came down, it does impact revenue or the long-term outlook, Auty tells investors in a research note. He keeps an Overweight rating on Autodesk with a $130 price target.
Price action: Shares slid drastically after cutting FY18 subscription guidance, hitting a low of $109.00, currently trading around $114 pre-market