Technology

Technology

Autodesk Rallies on Goldman Optimism

By Matt Egan

Published March 17, 2010

| FOXBusiness

Autodesk (ADSK) saw its shares rise 2% Wednesday's premarkets after the software company was added to the conviction buy list at Goldman Sachs. 

Replacing CommVault Systems (CVLT), Goldman upped AutoDesk from "buy" to "conviction buy" on an opportunity for a greater near-term upside surprise for Autodesk.

Goldman upped its price target on Autodesk from $33 to $35, 19% up from its close on Tuesday.

Shares of Autodesk were up 2.2% to $29.94 in the premarkets, bringing its 2010 gains to more than 15%. 

Goldman "is only in the first inning of its improvement that will drive the operating margin back to the mid-to-high 20% level, and potentially beyond," Goldman analysts wrote in a note. We also believe there is still a healthy degree of skepticism among the investment community on the name."

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