Autodesk (ADSK) reported a strong fiscal Q4 and offered "reasonable" initial guidance for the fiscal year, RBC Capital Markets said Friday in a report.
"We liked the stable environment, progression of the transaction model and restructuring efforts that should optimize spend and reallocate resources," RBC said. The highlight of guidance was the midpoint for free cash flow of $2.13 billion, up from $2.05 billion, the report said.
On fiscal year revenue, "the step back of the 10-15% growth target is likely in focus, but we think the timing makes sense" with a new chief financial officer, while the model still has potential for at least 10% growth, RBC said.
RBC maintained its outperform rating Autodesk stock and kept its price target at $345.
Autodesk shares fell 3.7% in recent Friday trading.
Price: 271.92, Change: -10.43, Percent Change: -3.69
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