AUTODESK INC (+) : Growth on Autopilot?

研报英文原文证据摘录

AUTODESK INC (+) : Growth on Autopilot?

EQUITIES

SOFTWARE

AUTODESK INC OUTPERFORMPRICE* USD193.1  TARGET PRICE USD295 (UPSIDE 53%)

Growth on Autopilot?

We launch coverage of Autodesk (ADSK) with an Outperform rating and $295 target price, implying18 JUNE 2026

Securities Research Report ~50% upside. As a leading end-to-end software platform for the construction and manufacturing

Production time: 11:14* (London time)

industry, the company enjoys a dominant position in AEC and is an emerging disruptor in

Research Analysts & Publishing Entities

manufacturing design, which should help it sustain 10% growth and expand margins over time.

Andrew DeGasperi

BNP Paribas Securities Corp1 A 3+ year transition that is about to deliver(+1) 917 472 4745

andrew.degasperi@us.bnpparibas.com Autodesk is finally emerging from a strategic transition spanning its pricing model, go-to-market

and AI initiative, which should help it: 1) sustain its market position as the leading go-to platform for

Ari Friedman

AEC design, build and operate; 2) sustain double-digit growth near term; and 3) expand margins.BNP Paribas Securities Corp1

(+1) 917 286 8860

ari.friedman@us.bnpparibas.com What are the debates?

1) Can Autodesk navigate the threat from AI labs? The company’s unique ability to orchestrate and

provide context to customer data limits the reach of frontier AI models. We also note the company

has developed its own multi-modal AI model and is already monetizing it; 2) Can the company

sustain double-digit growth? We think Autodesk will benefit from a market that remains significantly

underpenetrated, with potential for share gains in the middle-market for manufacturing design

supported by its recent business model transition; 3) Is margin expansion likely? Despite recent