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|  | JANUARY 24, 2005
 WORD ON THE STREET BoA Downgrades Autodesk Analyst Hari Srinivasan says the design software company's business momentum may be slowing Bank of Ameri8ca downgrades Autodesk (ADSK ) to sell from neutral, and cuts his target to $25. Analyst Hari Srinivasan says a smaller upgrade pool lowers growth potential from adoption of 2D to 3D, and vertical products. He notes his recent survey of 30 resellers indicated while most resellers are on track to meet plan, business momentum may be slowing. He says his thesis of slower sales growth could prove incorrect if industrial sector capital spending was more robust than expected. On a 2005 cash adjusted p-e basis, the company's share valuation is ahead of fundamentals. Srinivasan cuts his $31 target to $25, which is 25 times 93 cents cash-adjusted fiscal 2006 (ending January) earnings per share estimate, plus $1.75 cash per share.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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