Autodesk Earnings: Resilient Construction Solutions Shine Against Headwinds

We maintain our $247 fair value estimate for wide-moat Autodesk after the firm reported fiscal 2024 third-quarter results moderately above our expectations. We remain impressed with Autodesk’s resilience against a tough environment, as we saw strength in enterprise renewals and construction demand offset currency headwinds and weak new subscriber growth. Increased confidence in fiscal fourth-quarter performance led management to raise its full-year guidance, which is now more in line with our own estimates. With current shares down around 4% afterhours, we view the stock as undervalued and note an attractive buying opportunity for long-term-oriented investors.