) is surging on Friday on word of its upgrade by Goldman Sachs
According to TMC Net
, Goldman Sachs upgraded the software heavyweight from Sell to
Conviction Buy on Friday. As a result, shares have risen around
five percent thus far on Friday morning.
Piling on the Good News
The upgrade comes as the latest in a series of good news for
the San Rafael, California firm. In November, Autodesk announced
a three year partnership with INDYCAR. INDYCAR's engineering and
operations group will now use Autodesk applications to design and
engineer product innovations for chassis design, parts and
In December, the company announced that the New Mexico
Department of Transportation (
) will begin using its Building Information Modeling software for
road and highway design projects statewide. The New Mexico DOT is
just the latest such agency to adopt this software, as Caltrans
and others have already done so.
Earlier this month, Autodesk announced an agreement with the
Brunei Economic Development Board to help develop the
Southeastern Asian country's media and entertainment
A few days later, the company noted its inclusion on FORTUNE's
100 Best Companies to Work For list for the second year in a row.
This comes on the heels of a November announcement that the Great
Places to Work® Institute named the software firm as one of the
25 best places to work on its World's Best Multinational
Then, on Tuesday, Autodesk announced a collaboration with NASA
involving the research and development of "new technology that
can monitor and optimize the operational life-cycle of high
As of this writing, Autodesk has climbed to around $39.50 and
appears to still be on the rise. The stock is at its highest
point since July 11, 2011, when it reached a high of $39.91 for
Is Goldman Right?
Despite Goldman's upgrade and the ensuing market splurge thus
far, analyst consensus overwhelmingly suggests a Hold of this
According to Yahoo Finance
, 13 of 19 analysts offer this rating. Thus, investors may want
to wait this one out instead of going all in just yet.
Thus far, investors have taken kindly to Goldman's upgrade of
the firm. As mentioned, the stock is at an 18-month high and has
rallied up around five percent on Friday.
Look for Autodesk to continue its market success through
Friday and investors latch on to Goldman's updated opinion of the
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