Stifel cut the price target on Buy-rated Autodesk (NASDAQ:ADSK) from $245 to $240 in a note Friday, stating they are lowering numbers on the stock following weaker checks.
Stifel analysts told investors that the firm spoke with four Autodesk platinum-level channel partners for a closer look at business trends ahead of Autodesk's first quarter results on May 25.
"Overall results were disappointing, as each partner missed quarterly expectations and are now more cautious on the year given the softening macro backdrop along with some pull-forward of demand ahead of MYAB (multi-year annual billings) changes during the quarter," the analysts wrote.
"While we acknowledge a smaller sample size and note the checks were more cautious than feedback from other AEC/design software players, we are lowering our estimates given the conversations," they added.
Overall, Stifel feels that while the uncertain macro environment can impact near-term results, they believe that Autodesk has "a number of drivers to sustain double-digit top-line growth and op-margin/FCF expansion in coming years."