Autodesk (NASDAQ:ADSK) shares dropped 2.18% in today’s trading despite investment firm Baird’s positive outlook based on the latest architecture billings index (ABI) report for April, which suggests stability for the construction software maker. Analyst Joseph Vruwink noted that the ABI is often considered a sentiment gauge for Autodesk and believes it could help stabilize its performance after a filing delay and concerns about weaker non-residential activity sent the stock lower in April.
The ABI rose to 48.3 in April from 43.6 in March, indicating a slight improvement even though billings declined for most firms. Project inquiries held steady at 54.8, and designs under contract dipped slightly to 49.2 from 50. Vruwink highlighted that leading indicators for future billings remain strong.
Vruwink, who is a five-star analyst with a 65% success rate, maintained an Outperform rating with a $296 price target.
Is ADSK Stock a Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on ADSK stock based on 10 Buys, seven Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After an 11% year-to-date decline, the average ADSK price target of $285.94 per share implies 32.9% upside potential.
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