Autodesk initiated with an Outperform at Macquarie

Macquarie initiated coverage of Autodesk (ADSK) with an Outperform rating and $380 price target Autodesk has a strong franchise, starting with its leading position in Architecture, Engineering & Construction design software, and Macquarie likes the potential for traction in downstream construction, free cash flow growth, and margin improvements, the analyst tells investors in a research note. The firm also likes Autodesk’s secular opportunity in downstream pre-construction and construction markets that it views as still largely greenfield.