J.P. Morgan Upgrades Autodesk to Overweight with $319 Target
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 15 2024
0mins
Should l Buy ADSK?
Source: Benzinga
Autodesk Inc's stock fell 3.89% and hit a 20-day low amid a broader market decline, with the Nasdaq-100 down 1.13% and the S&P 500 down 0.48%.
J.P. Morgan upgraded Autodesk from Neutral to Overweight, setting a price target of $319. The upgrade reflects Autodesk's leadership in design and BIM software, rapid adoption of cloud and AI technologies, and its potential to capture larger market share in high-growth areas like data centers and infrastructure. Analysts noted that despite the recent stock decline, Autodesk's technological advancements position it well for future growth.
The upgrade by J.P. Morgan is expected to boost investor confidence, potentially reversing the recent downward trend in Autodesk's stock. As the company continues to innovate and expand its market presence, it may attract more investors looking for growth opportunities.
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Analyst Views on ADSK
Wall Street analysts forecast ADSK stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for ADSK is 373.71 USD with a low forecast of 330.00 USD and a high forecast of 400.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
23 Analyst Rating
19 Buy
4 Hold
0 Sell
Strong Buy
Current: 238.060
Low
330.00
Averages
373.71
High
400.00
Current: 238.060
Low
330.00
Averages
373.71
High
400.00
About ADSK
Autodesk, Inc. is engaged in three-dimensional (3D) design, engineering and entertainment technology solutions, spanning architecture, engineering, construction, product design, manufacturing, media and entertainment. Its architecture, engineering, construction and operations products improve the way building, infrastructure, and industrial projects are designed, built, and operated. Its product development and manufacturing software provides manufacturers in the automotive, transportation, industrial machinery, consumer products, and building product industries with comprehensive digital design, engineering, manufacturing, and production solutions. Its product offerings include AutoCAD Civil 3D, Autodesk Build, BIM Collaborate Pro, Revit, Tandem, AutoCAD, AutoCAD LT, Inventor, Vault, Maya, and 3ds Max. AutoCAD Civil 3D solution offers a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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