Autodesk (NASDAQ:ADSK) Management Counting on Recovery...Bad Idea

Management at Autodesk (NASDAQ:ADSK) asserted they're counting on a sustainable recovery in light of improving product lines and geos, but it's doubtful if someone can even legitimately assert there has be even been a recovery.

Jefferies noted, "Mgmt is optimistic about the sustainability of the recovery given the improvement realized across geos and product lines in the quarter. Notably, EMEA and APAC improved +19% Y/Y cc, emerging economies were +25% Y/Y cc, and the Americas were +9% Y/Y."

Earnings per share and revenue estimates were changed for FY2011 to $1.30/$1,929M from $1.31/$1,928M and to $1.59/$2,126M from $1.53/$2,051M for FY2012. For FY2013 the estimates raised to $1.90/$2,348M from $1.80/$2,234M.

Autodesk closed down Friday at $33.77, falling by $2.49, or 6.87 percent. Jefferies has a price target of $35 on them, lowering it from $37.