Autodesk's fair value estimate has been trimmed to US$318.53 from US$319.27, reflecting a marginal adjustment following solid first-quarter results and the planned US$3.6 billion acquisition of MaintainX. The revised estimate incorporates a lower assumed revenue growth rate of 10.60%, down from 11.00%, while the forecast net profit margin edged up to 25.02% from 24.79%. The future price-to-earnings assumption was raised to 33.0 times from 32.6 times, and the discount rate dipped to 8.75% from 8.76%. Analysts at RBC Capital, Morgan Stanley, Wells Fargo, and Piper Sandler maintained positive ratings while trimming price targets, with RBC highlighting a strong beat-and-raise quarter and confidence that the MaintainX deal fits within Autodesk's operating margin targets. However, Citi flagged decelerating core business growth as a potential pressure point, and Wells Fargo and BMO Capital noted that the high-multiple acquisition raises questions about growth, margin impact, and return thresholds.
Morgan Stanley
Piper Sandler Companies
Royal Bank of Canada
Wells Fargo & CompanyAutodesk IncFair value estimate trimmed slightly, mixed analyst views on growth and acquisition impact.
Citigroup Inc.