Guggenheim首评Autodesk为买入并给出245美元目标价

Autodesk (ADSK) was initiated with a Buy rating by Guggenheim due to its ability to likely surpass estimates for its full-year fiscal 2027 revenue as well as in the years ahead.
Guggenheim set a $245 price target on the stock.
"We view ADSK's NT (F2Q and FY27) and LT estimates as achievable, since they imply a meaningful deceleration in New Biz growth that we do not expect to materialize," said Guggenheim analysts Tamjid Chowdhury in an investor report. "While F2Q beat is likely to be modestly smaller than in recent Qs, we see greater upside throughout the FY, providing ample cushion to total revs and billings guidance. Longer term, we estimate roughly 100bps of upside potential to Street-implied average revenue growth across the next three years."
Guggenheim contends that Autodesk has a strong moat against AI disruption. First and foremost is its system of record, which contains deep design data related to architecture, engineering, construction and manufacturing.
"This is further strengthened by the fact that ADSK plays at the intersection of software and the physical world, where accuracy and timeliness of data are paramount," Chowdhury added. "ADSK has been an early and deliberate adopter of AI and has since built a coherent monetization framework, with pricing shifting from subscription-bundled to consumption-based as AI complexity increases. Together, these reinforce our view that ADSK is well-positioned to leverage its data and workflow moats to lead its end markets through this ongoing AI paradigm shift."
Autodesk shares have collapsed 30% year to date. In comparison, the iShares Expanded Tech-Software Sector ETF (IGV) has declined 16% during that time frame.
Autodesk plans to release its second quarter fiscal 2027 results post-market on August 25. A consensus estimate expects adjusted earnings per share of $3.12 on revenue of $2.01B. Autodesk's revenue has increased by an average of 18% year over year for the past four quarters.