Macroeconomic headwinds are proving a threat to Autodesk segment  (ADSK) - Get Report , and analysts have grown slightly more cautious on the stock.  

The shares on Wednesday were falling hard after the maker of software for engineers and builders gave disappointing guidance for fiscal 2020. 

Through Tuesday, Autodesk stock had been up 17% year to date. The stock was trading Wednesday off 11% to $133.64. 

"After a seasonal first quarter, a lowered full-year outlook on macro concerns likely stokes investor concern despite solid fundamentals in the second quarter," Morgan Stanley analyst Keith Weiss wrote in an note.

"While the model still shows good [annual recurring revenue] growth near term, macro uncertainty likely keeps a lid on the multiple and keeps us equal weight with a $150 price target."

In its Tuesday report for the second quarter ended July 31, the San Rafael, Calif., company said it expected annual recurring revenue of $3.425 billion and $3.485 billion. The top of the range is below the FactSet-derived consensus estimate of $3.493 billion.

AutoDesk is looking for adjusted earnings per share for the year of $2.69 to $2.81. The midpoint is $2.75, lagging the consensus figure of $2.76.

Management is looking for $1.3 billion in free cash flow, in line with Wall Street estimates.

Weiss added that "Autodesk's core end markets [construction and manufacturing] are still very macrosensitive industries" and that management "did not give themselves enough leeway in their full-year targets to account for a deteriorating macro environment."

Weiss reduced his 2020 free-cash-flow forecast to $1.3 billion from $1.34 billion.

Goldman Sachs analyst Heather Bellini lowered her price target to $175 from $185 and adjusted "multiples in various components of our valuation to reflect the uncertainty management called out in the macro environment," she wrote in a note.

She lowered her target forward one-year earnings multiple to 34 from 36.

Looking backwards, "We closed a solid first half ... with a very strong second quarter as revenue, billings, earnings, and free cash flow came in ahead of expectations," President and CEO Andrew Anagnost said in a statement. 

Autodesk reported second-quarter EPS of 65 cents, beating the estimate of 61 cents. Revenue came in at $797 million, better than Wall Street's expected $787 million. ARR was $3.069 billion, against the expected $3.042 billion, and growing 31% year-over-year.