Autodesk (ADSK) reported first-quarter revenue of $1.96 billion, marking a 19.4% year-over-year increase. The company exceeded billings estimates and issued positive earnings per share (EPS) guidance for the upcoming quarter. Management attributed the results to higher-than-expected billings.
Morgan Stanley reduced its price target for Autodesk from $350 to $315 while maintaining an Overweight rating. The adjustment reflects a cautious outlook on broader market conditions and a recent pullback in software valuations. The firm clarified the move is not based on specific concerns regarding the company's quarterly performance.