Ahead Of The Bell: Analysts Cheer Autodesk Cuts

NEW YORK (AP) — Analysts applauded cost cutting efforts at Autodesk Inc. on Friday, after the software maker's adjusted first-quarter earnings far outpaced expectations despite a sharp drop in revenue.

Autodesk, late Thursday, reported adjusted earnings of 18 cents per share, compared with the average forecast from analysts of 8 cents.

"We expect shares to react favorably to proactive cost controls and revenue stabilization despite uncertainty around an economic rebound," Deutsche Bank analyst Greg Dunham told clients in a note. KeyBanc analyst Steven Koenig raised his rating on the stock to "Hold" from "Underweight." ...