Autodesk price target raised to $265 from $240 at Oppenheimer

Oppenheimer analyst Ken Wong raised the firm’s price target on Autodesk to $265 from $240 and keeps an Outperform rating on the shares. The firm notes that investor conversations tilt cautious into Q4 with shares up meaningfully after slipping post-Q3. The improving sentiment reflects expectations that preliminary FY25 growth outlook is biased higher, and has less transaction transition gross-up than expected. Oppenheimer expects solid Q4 results on EBA strength despite mixed checks and soft macro KPIs. Investors see potential for 2025 revenue growth to be revised to 10%-plus and EBIT margins to be flat to down slightly year-over-year.