KeyBanc says that while the firm’s fiscal Q2 quarter-end checks for Autodesk were more mixed, reseller feedback regarding the company’s new billings transaction system had improved compared to its mid-quarter update. With the overall tone of business largely unchanged from prior quarters, the analyst still expects Autodesk to post in-line to slightly better Q2 revenue, and for the company to adjust its fiscal 2025 guide to incorporate the billings transition in Europe. Most importantly, KeyBanc believes investors will be paying close attention to any signs that Autodesk is taking recent investor feedback into consideration, and focusing on margins. It continues to see a “compelling margin expansion-led narrative change,” and views Autodesk as one of its favorite early 2025 ideas. The firm keeps an Overweight rating on the shares with a $305 price target.
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