Shares of Autodesk (ADSK) - Get Report jumped in Wednesday trading after the design- and engineering-software company's fiscal-third-quarter results prompted a number of securities analysts to bump up their price targets.
For the quarter ended Oct. 31 the San Rafael, Calif., company reported earnings of 78 cents a share versus expectations of of 72 cents in a survey of analysts by FactSet. Autodesk's 28% year-over-year increase in revenue to $843 million topped the consensus estimate of $825.8 million.
For the fourth quarter, the company expects to generate non-GAAP profit of 86 cents to 91 cents a share, with Wall Street expecting 93 cents. Revenue should come in between $880 million and $895 million, against the estimate of $897.8 million.
Stifel affirmed a buy rating on Autodesk while raising its price target to $190 from $160. The firm sees the company's revenue and free-cash-flow forecasts as being "better than feared."
"We are pleased with the solid print and guide and continue to believe Autodesk remains well-positioned across end markets," Stifel's note said.
KeyBanc maintained its overweight rating while raising its price target to $191 from $184. The fiscal 2021 outlook "adds confidence to out-year growth prospects," the firm said.
Credit Suisse maintained its outperform rating and raised its price target to $185 from $175. The firm also was impressed with the company's free-cash-flow outlook.
Morgan Stanley analysts raised their price target to $164 a share from $150 as growth in annual recurring revenue "likely soothes investor fears."
The firm affirmed its equal-weight rating, however, because it says the strong results were already reflected in the stock price.
Shares of Autodesk at last check were trading up 4.7% to $178.86.