Uber stock surges after Nvidia partnership announcement
Investing.com - KeyBanc has maintained its Overweight rating and $365.00 price target on Autodesk (NASDAQ:ADSK) following analyst attendance at the AU conference in Nashville, Tennessee. The software giant, currently valued at $67.9 billion, is trading near its 52-week high of $329.09. According to InvestingPro analysis, analyst targets range from $271 to $430, with 24 analysts recently revising earnings estimates upward.
The firm reported varied end market conditions for Autodesk, noting continued strength in infrastructure while construction and manufacturing segments showed mixed results due to inflation and labor shortage challenges.
Architecture and engineering markets maintained a muted tone, according to KeyBanc’s observations from the conference earlier this week.
Partner checks conducted by KeyBanc indicate mid-quarter performance is tracking in line with expectations, with encouraging feedback regarding product advancements and efficiency benefits from Autodesk’s new selling model.
The firm also highlighted positive commentary about share gains for Autodesk Construction Cloud (ACC), though it characterized the conference as "more of an educational opportunity versus financial catalyst."
In other recent news, Autodesk has seen notable developments with its second-quarter earnings performance drawing attention. UBS raised its price target for Autodesk to $385 from $370, citing strong earnings and describing it as one of the "cleanest" in the software-as-a-service sector this season. The firm’s revenue and billings exceeded expectations, maintaining growth in the low-teens and well into the 20s, respectively. Similarly, Macquarie increased its price target for Autodesk to $380 from $360, maintaining an Outperform rating, attributing the decision to consistent performance factors. Additionally, Stifel reaffirmed its Buy rating with a $375 price target after Autodesk showcased product innovations at its annual conference.
Autodesk has also entered a multi-year partnership with the Kraft Group, becoming the Official Design and Make Platform for the New England Patriots. This collaboration involves using Autodesk Construction Cloud for infrastructure projects, including upgrades at Gillette Stadium. Meanwhile, Planet Labs announced the appointment of Scott Reese to its board of directors, with the appointment set to take effect in November 2025. Reese currently holds a leadership position at GE Vernova.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.