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Upgrade Alert for Autodesk (ADSK)

By David Diaz

Autodesk (NASDAQ:ADSK) was upgraded from Neutral to Overweight at JP Morgan today. The stock closed yesterday at $49.65 on volume of 2.7 million shares, above average daily volume of 2.7 million.

Autodesk, Inc. supplies PC software and multimedia tools. The Company's two-dimensional and three-dimensional products are used across industries and in the home for architectural design, mechanical design, geographic information systems and mapping, and visualization applications. Autodesk's software products are sold worldwide through a network of dealers and distributors.

Autodesk (NASDAQ:ADSK) has potential upside of 2.1% based on a current price of $49.65 and analysts' consensus price target of $50.69. The stock should discover initial support at its 50-day moving average (MA) of $48.33 and subsequent support at its 200-day MA of $40.50.

In the past 52 weeks, Autodesk share prices have been bracketed by a low of $33.01 and a high of $54.18 and closed yesterday at $49.65, 50% above that low price. The 200-day and 50-day moving averages have moved 0.46% higher and 0.84% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Autodesk on July 17th, 2013 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $36.31. Since that recommendation, shares of Autodesk have risen 36.7%. We continue to monitor ADSK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Autodesk

Ticker(s): ADSK