Jefferies Group upgraded shares of Autodesk (NASDAQ: ADSK) from a hold rating to a buy rating in a research note issued to investors on Friday. The firm currently has $45.00 target price on the stock, up from their previous target price of $40.00.

“We upgrade ADSK to Buy based on: i) Increased conviction of a non-residential real estate cycle over the next 12-18 months plus ADSK’s high sales correlation to this (R²=0.74); ii) ADSK’s strong position in BIM with room for increased penetration in intl markets/ construction; iii) Model setup that is attractive under a cycle scenario; and iv) a valuation that is ok given our view on the cycle/shift to higher recurring rev.,” the firm’s analyst commented.

Shares of Autodesk opened at 39.02 on Friday. Autodesk has a one year low of $27.70 and a one year high of $42.69. The stock’s 50-day moving average is currently $38.03. The company has a market cap of $8.725 billion and a P/E ratio of 36.12.

ADSK has been the subject of a number of other recent research reports. Analysts at Credit Suisse raised their price target on shares of Autodesk from $32.50 to $35.00 in a research note to investors on Tuesday, February 26th. They now have a neutral rating on the stock. Separately, analysts at RBC Capital reiterated an outperform rating on shares of Autodesk in a research note to investors on Tuesday, February 26th. They now have a $50.00 price target on the stock. Finally, analysts at UBS AG raised their price target on shares of Autodesk from $42.00 to $44.00 in a research note to investors on Tuesday, February 26th. They now have a buy rating on the stock.

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