Berenberg Reiterates Buy Rating on Autodesk Despite AI-Related Challenges
Autodesk Inc. (NASDAQ:ADSK) reported strong second-quarter results, with revenue rising 16% year-over-year to $2.05 billion and billings up 10% to $1.85 billion. Berenberg maintained its Buy rating on the stock as of September 1 but lowered its price target slightly from $335 to $335. The firm cited robust performance in key sectors like Architecture, Engineering, Construction & Operations (AECO), improving profitability with a non-GAAP operating margin reaching 41%, and strong free cash flow growth. Despite these positives, Autodesk faces headwinds including growing competition from AI-native design tools and cloud-based platforms. Additionally, slower billing growth compared to revenue raises concerns about future demand acceleration. Citi raised its price target but kept a neutral stance due to limited organic catalysts relative to peers.
Tickers: $ADSK
Topics: autodesk berenberg buy rating profitability revenue growth