Autodesk: Expect F1Q upside albeit at a smaller level given more mixed partner checks

研报英文原文证据摘录

Autodesk: Expect F1Q upside albeit at a smaller level given more mixed partner checks

Deutsche Bank

Research

Rating Company Date

Buy Autodesk 15 May 2026

North America Reuters Bloomberg Rating Buy

United States ADSK.OQ ADSK US Price target (USD) 330.00 Price at 13 May 26 231.03

52-week range 326.79 – 218.45

TMT

Software Valuation & Risks

Expect F1Q upside albeit at a smaller level

given more mixed partner checks BhavinResearchShah,AnalystCFA

+1-212-250-6775

Our partner conversations and feedback post F1Q were broadly positive, though

Brad Zelnick slightly more mixed relative to recent quarters. With guidance already embedding Research Analyst

some disruption from go-to-market (GTM) changes at the beginning of the fiscal +1-212-250-8563

year, we still expect Autodesk to exceed expectations on guided metrics, albeit

with a smaller degree of upside versus recent history. Partners generally noted a Nick Giovacchini

Research Associate slower start to the year, followed by a more meaningful pickup in April. We

+1-212-250-9075

acknowledge this could impact the pace of billings performance (particularly as

billings are not guided quarterly). Importantly, partners indicated that the demand Chris Fountain

environment remains broadly unchanged, with healthy pipelines and strong Research Associate

backlog, while Autodesk continues to take share across key segments including +1-212-250-1575

construction and manufacturing.

From a profitability perspective, we expect (1) slightly better revenue, (2) the

recent reduction in force, and (3) ongoing efficiencies across the P&L to support

upside to both operating margins and EPS for the quarter. Given it is a 1Q and in

line with typical management cadence, we expect full-year guidance to be