Boston, MA 08/18/2014 (wallstreetpr) –At least four brokerages have joined the party in boosting their price objective on the shares of design software and services provider, Autodesk, Inc. (NASDAQ:ADSK) on Friday. Their action comes on the heels of Autodesk disclosing earnings and revenue above the Street analysts’ estimations for the June quarter apart from the company’s shift towards cloud-based subscriptions than license-based. However, the four brokerages have not made any changes in their respective rating of the stock.
Price Tag Increased
JPMorgan Chase & Co (NYSE:JPM) had boosted its price objective to $73 on Friday from $66, thus suggesting an increase of $7 or 10.6% from its earlier price target. The revised price tag indicates a potential uptick in the stock price of 38.6% from its recent closing price.
UBS had lifted its price target on Autodesk shares to $65 from $60, representing an increase of 8.3% from the previous price objective. This also indicates the stock’s potential upside rewards of 23.4% based on Friday’s closing price of $52.66 during the regular trading session.
Similarly, RBC Capital Markets had boosted its price tag to $70 on Friday from $65 indicating an uptick of 7.7% from its earlier price target. The revised price objective suggests that the stock could rise a maximum of 32.9% from Friday’s finishing price of $52.66.
Another brokerage, Cowen also increased its price target on Autodesk, Inc. (NASDAQ:ADSK)’s shares to $65 from $58 suggesting a 12.1% increase from its previous price objective. The revision in price tag indicates a possible upside of 23.4% from the current levels.
Rating Of Stock
Though the four brokerages have different rating on the shares of Autodesk, they were content in retaining their current respective rating. For instance, JPMorgan Chase & Co (NYSE:JPM) had a rating of Overweight while UBS reiterated its rating of Buy on the shares of Autodesk. Similarly, RBC Capital Markets and Cowen have not made any changes in their respective rating of Outperform and Market Perform on the company’s stock.
The four brokerages’ analysts’ reiterating their opinion indicates that the company’s shift towards cloud-based subscriptions was yielding the expected results and that the transition was for a positive one for the shareholders.
