Goldman Sachs Reiterates Sell Rating, $29 PT for Autodesk

In a company update published earlier today, the Goldman Sachs Group, Inc. reiterated its Sell rating and $29.00 price target for Autodesk, Inc. (NASDAQ: ADSK).

Goldman Sachs went on to say “We continue to believe that current FY13 revenue guidance for ‘at least 10%' growth is aggressive as the company faces challenging comps ($11mn APAC deal in the October 2011 quarter) coupled with currency and macro headwinds emanating from its 40% exposure to EMEA. Moreover, we note the ABI declined 5.4% in May to 45.8 from 48.4 in April, where a score below 50 indicates a decrease in billings. We maintain our Sell rating on the stock.”

Autodesk, Inc. closed yesterday at $34.64.