Autodesk dips as Deutsche Bank downgrades, cuts PT on potential for 'mixed' Q1, weak 2023
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Autodesk (NASDAQ:ADSK) shares slipped on Monday after investment firm Deutsche Bank cut its rating and price target on the software company, noting the potential for a "mixed" first-quarter and a very weak 2023.
Analyst Bhavin Shah lowered the rating on Autodesk (ADSK) shares to hold from buy and cut the per-share price target to $225 from $275, pointing out that lower adoption of multi-year contracts, foreign exchange headwinds and Russia could all play a part in the potential weakness. 
"The majority of our partner conversations noted a slight miss vs. plan, with broader inflation/interest rate concerns to blame, though others did mention performance remains fine with limited to no macro related impact yet," Shah wrote in a recent note to clients. 
In addition, there's the possibility that the market is saturated, thus impacting Autodesk's (ADSK) ability to grow new business and customers are less willing to pay for multiple years upfront. 
Autodesk (ADSK) shares fell nearly 4% to $184.09 in premarket trading on Monday.
In addition, the firm expects Autodesk (ADSK) to guide its fiscal 2023 numbers guide, noting that Russian sanctions could impact 2% of its revenue, foreign exchange headwinds could impact numbers up to 2.25% and there is "incremental softness in demand." 
"While investor expectations remain fairly muted and Russia/FX factors seem to be well understood, we are cognizant that any downward revisions - especially in this market environment - are likely not fully priced in," Shah added.
In March, Autodesk (ADSK) said it was acquiring The Wild, a cloud-connected, extended reality platform, which includes its namesake solutions, The Wild, and IrisVR, for an undisclosed sum.