Baird sees 'potential upside' for Autodesk Q2 following checks
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Architectural software company Autodesk (NASDAQ:ADSK) is slated to report second-quarter results on August 23 and investment firm Baird sees "potential upside" following recent channel checks.
"We see our reseller checks as supporting good F2Q update ... with potential upside to billings and reiteration in [fiscal 2024] outlook," analyst Joe Vruwink wrote in an investor note. 
Vruwink added that he checked with 14 Autodesk (ADSK) partners - most of them in the Gold and Platinum tiers - and there was a sequential improvement in qualitative feedback, along with a stabilization in the "net score," a slowdown in clients worrying about the macro environment and less aggressive competition.
"Investor sentiment on Autodesk skews negative, and while we do not expect this update alone to end all debates, it likely is capable of driving favorable near-term repositioning," Vruwink added.
Vruwink has an outperform rating on Autodesk (ADSK) and boosted his price target to $238 from $230 ahead of the results.
A consensus of analysts estimate that Autodesk (ADSK) will earn $1.73 per share on $1.32B in revenue.
Autodesk (ADSK) shares rose more than 1% in mid-day trading on Monday.

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