Autodesk Earnings: Strong Performance In Challenging Macroeconomic Environment; Maintain Fair Value

We are maintaining our $275 per share fair value estimate for wide-moat Autodesk, following a solid second quarter. Both top and bottom lines aligned with our forecasts while exceeding guidance. Despite a challenging macroeconomic environment, including a tough buying landscape, management is confident about future wins stemming from growth in the construction market and increased operational visibility through its new transaction pricing model. With this in mind, management raised its full-year outlook and guided to a sequentially stronger third quarter. With shares trading higher after hours and approaching our fair value estimate, we view this high-quality stock as fairly valued.