Analyst Baird’s Praise Doesn’t Stop Autodesk’s (NASDAQ:ADSK) Slide

Autodesk (NASDAQ:ADSK) shares fell 2.18% in today’s trading despite investment firm Baird’s positive outlook based on April’s latest Architecture Billings Index (ABI) report , which suggests stability for the construction software maker. Analyst Joseph Vruwink noted that ABI is often seen as a sentiment indicator for Autodesk and believes it could help stabilize its performance after a filing delay and concerns about weaker non-residential activity pushed it lower the title in April.

The ABI rose to 48.3 in April from 43.6 in March, indicating a slight improvement even though billings declined for most companies. Project inquiries remained steady at 54.8 and designs under contract fell slightly from 50 to 49.2. Vruwink stressed that leading indicators for future billings remain strong.

Vruwink, who is a five-star analyst with a 65% success rate, maintained an Outperform rating with a $296 price target.

Is ADSK Stock a Buy?

As for Wall Street, analysts have a Moderate Buy consensus rating on ADSK stock based on 10 buys, seven holds and one sell assigned over the last three months, as shown in the chart below. below. After an 11% year-to-date decline, ADSK’s average price target of $285.94 per share implies 32.9% upside potential.