ADSK - Autodesk stock edges higher as William Blair sets new outperform rating

2023-04-17 10:23:47 ET

• Autodesk ( NASDAQ: ADSK ) shares rose nearly 2% Monday as William Blair analyst Dylan Becker started coverage of the design automation software company with an outperform rating.
• Becker said that Autodesk ( ADSK ) is benefitting from a growing emphasis on its tools being used across "the entire lifecycle of both the design and make process" in industries such as architecture, engineering and construction. Among the other factors Becker said were positive for Autodesk ( ADSK ) are how it has completed its transition toward contracts based on recurring subscription revenue, and it is moving toward annual billings for multiyear contracts.
• Becker also said he expects Autodesk ( ADSK ) to report 2023 revenue of $5B, and $5.4B in 2024.
• Wall Street analysts and Seeking Alpha authors both have consensus buy ratings on Autodesk's ( ADSK ) stock, while Seeking Alpha's Quant System, which historically outperforms the stock market, gives Autodesk shares a rating of hold .

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