Cantor Fitzgerald Starts Autodesk (ADSK) at Neutral
Cantor Fitzgerald analyst Mason Marion initiates coverage on Autodesk (NASDAQ: ADSK) with a Neutral rating and a price target of $215.00.
The analyst comments: “ADSK is the global leader in Design software, with strong franchises in AutoCAD, Revit, Fusion, Civil 3D, Inventor, and Forma. While AI poses perhaps the most credible threat to these franchises in ADSK’s history, we expect the company to endure and grow in the AI era. ADSK is not standing by idly, investing in proprietary 3D generative AI models (neural CAD) and infusing Autodesk AI throughout its platform. Outside of Design, ADSK is leveraging its strong Design franchises to expand into Construction with Forma for Construction ($600m+ TTM rev growing 20%+). It also expanded its TAM with the MaintainX acquisition ($40b Operations TAM). We see a long organic growth runway for MaintainX, while synergies with ADSK’s Design + Make products must be proven. While we think ADSK is a high quality business with real moats, we are initiating with a Neutral rating and a $215 PT, as we believe the market is properly valuing shares. The optics of organic revenue/billings slowing to ~10% in FY27/FY28 will cap re rating upside, in our opinion. Further, the company is digesting its largest acquisition in history (MaintainX; $3.6b) while also implementing a major restructuring to its G2M motions, adding layers of potential near-term disruption risk particularly as they head into the important F4Q renewal period.”
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Shares of Autodesk closed at $212.40 yesterday.