Autodesk Inc
ADSK: XNAS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$674.00 | Yhlm | Fprlxzbwm |
Autodesk Earnings: Results Ahead of Our Expectations Builds Confidence in Future Wins
We maintain our $275 fair value estimate for wide-moat Autodesk after the firm reported fiscal first-quarter results above our expectations. Management maintained its full-year targets for revenue and margins while increasing its earnings per share guide. We are encouraged by Autodesk’s continued resiliency and renewal momentum, and our long-term forecasts remain intact. Additionally, the transaction model transition is progressing well, which provides a positive indicator for future upside. Altogether, we view the current stock as undervalued.