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Shares of Autodesk gain; analysts raise price targets

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Shares of Autodesk gained more than 8 percent Friday as analysts raised their price targets after better-than-expected second-quarter earnings and improved guidance.

Wedbush increased its price target to $60 from $57 after Autodesk's earnings, which were released Thursday. Canaccord Genuity boosted its price target to $65 from $60. Both firms maintained their neutral or hold position, respectively.

Autodesk was most recently trading at $68.56, higher than the above mentioned price targets.

The software company reported earnings of 5 cents per share on revenue of $551 million. Analysts projected a loss of 13 cents on revenue of $512 million, according to a Thomson Reuters consensus.

The company presented strong third-quarter and fiscal 2017 guidance, projecting ranges of $470 million to $485 million and $2 billion to $2.05 billion, respectively.

Shares of Autodesk have gained about 13 percent so far this year.