Bearish
$ADSK BofA Bearish Kash Rangan of Bank of America noted that Autodesk’s third-quarter beats were driven by pull forwards of multiyear prepayment deals, discounts and price hikes in maintenance products. He explained that these factors would make comps tougher going forward, resulting in the company’s growth slowing. Autodesk’s organic ARR (accounting rate of return) continues to decelerate, comps would get tougher through fiscal 2023 and macro uncertainty remains, Rangan said. The analyst maintained an Underperform rating and a price target of $127 for the company. Price Action Shares of Autodesk wer up 4.01% at $177.64 at the time of publishing on Wednesday.
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