Autodesk Rises After Naming Directors in Deal With Starboard (1)

(Adds Thursday trading and analyst commentary.)

Autodesk shares are up 2.4% on Thursday, after the company appointed Jeff Epstein and Christie Simons to its board in connection with a cooperation agreement between the company and Starboard Value.

• BMO Capital Markets calls this “a reasonable outcome”
  • “For Autodesk, this reduces distractions as management navigated the uncertainty of a proxy vote, and now allows them to remain focused on the business in a turbulent macro”
  • Market perform, PT $324

More detail:

• Autodesk, Starboard entered into an Information sharing and discussion Agreement to facilitate ongoing collaboration
  • In addition to two appointments, Starboard ...