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  • Keybanc analyst Jason Celino maintained Autodesk, Inc ADSK with an Overweight and lowered the price target from $264 to $237.
  • Autodesk missed 3Q results and lowered 4Q guidance to reflect various reasons, including FX, European macro, and potentially faster transition to annual billing
  • As expected, the Company provided “breadcrumbs” for FY24 commentary by highlighting growth, margins, and FCF headwinds. 
  • The analyst cut FY24 estimates and price target. However, Celino saw some consolation in growth prospects like FX and a buyback boost to $5 billion. 
  • Rosenblatt analyst Blair Abernethy reiterated a Buy and reduced the price target from $270 to $235.
  • Autodesk reported Q3 results that were just below his revenue expectations. 
  • Abernethy marginally trimmed his FY23 forecast, cut his FY24 revenue growth outlook as forex headwinds, and slightly decelerated new business demand in EMEA and APAC took effect. 
  • The analyst expects the stock to be under pressure in the near term.
  • RBC Capital analyst Matthew Hedberg reaffirmed an Outperform and cut the price target from $260 to $225.
  • Hedberg writes the initial FY24 FCF guide next quarter could be closer to $1.2 billion versus consensus at $1.5 billion as FY24 billings growth likely declines due to fewer multi-year contracts. 
  • Hedberg likes the long-term opportunity for predictable growth and margin improvement.
  • Piper Sandler analyst Clarke Jeffries maintained an Overweight and $242 price target.
  • Jeffries said he was a buyer of ADSK shares after the Q3 results. The weakness in shares was due to elevated expectations and the optics around a $125 million reduction to FY23 Billings weakness, which is mainly due to multi-year mix rather than reduced demand. 
  • Jeffries reduced his FY23 & FY24 estimates on continued currency pressures.
  • Price Action: ADSK shares traded lower by 6.24% at $195.84 on the last check Tuesday.

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