Canaccord believes Autodesk is taking very important value-creating steps to make them more predictable and profitable. The firm said once they can assess the size of the post product transition customer buckets, they can assess if the company can hit its 2020 free cash flow target. As a result, Canaccord said it could upgrade Autodesk to a Buy sometime in the next 90 days, either with the stock's price coming down or an increase in visibility, either of which de-risks the shares. For now, Canaccord maintains it Hold rating but raised its price target to $60 from $55 on Autodesk shares.

Autodesk announced an interoperability agreement with the Nemetschek Group to improve open collaboration and efficiencies for the architecture, engineering, construction and operations, or AECO, and media and entertainment industries. The agreement will enhance existing interoperability between the two companies' industry cloud and desktop products and improve the fluent exchange of information across solutions. Whether constructing buildings or highways or producing media assets, working with cloud-connected tools powers automation and unlocks valuable insights for better decisions at every stage of a project. But too often, people, processes, and data are siloed due to software and file incompatibility, resulting in inefficient workflows. Under the terms of the agreement, Autodesk and the Nemetschek Group will provide mutual access to their APIs and industry clouds, thereby giving developer access to Autodesk solutions including AutoCAD, Revit, 3ds Max and Maya, as well as Autodesk Forma and Autodesk Construction Cloud, similarly to Nemetschek solutions including Allplan, Archicad, Bluebeam, Maxon One, Vectorworks as well as Nemetschek's relevant cloud platforms. This will enable the two companies to improve upon existing data exchanges and open new data-centric workflows that span disciplines and industries.