Citi Neutral on Autodesk

Citi Investment Research is out with a research report on Autodesk, Inc. (NASDAQ: ADSK) and it has a Neutral rating and a $28 price target on shares.

In a note to clients, Citi Investment Research writes, "Our proprietary Vertical Tracker (330 companies over 30 countries) is starting to show noticeable deceleration in 2012 growth expectations. Expected 2012 revenue growth among the 330 companies across 30 countries in Autodesk's target markets is down 210 bps from +8.3% Y/Y to +6.2% Y/Y. Nine of the 10 sectors that we follow showed a decline from the previous month with CAD heavy industries such as autos (-350bps M/M) and E&C (-420bps M/M) showing meaningful deceleration. Capital spending is also finally retrenching with growth in CAPEX budgets declining 220bps versus September. Like top line projections, CAPEX declines were led by CAD-heavy autos (-210bps) and E&C (-610bps) vertical. Recent ratings changes implemented at Citi likely resulted in sweeping estimate revisions."

Shares of ADSK closed at $28.29 on Friday.