Autodesk price target raised to $350 from $323 at KeyBanc

KeyBanc raised the firm’s price target on Autodesk (ADSK) to $350 from $323 and keeps an Overweight rating on the shares. While Autodesk argues it has not seen any “incremental” macro impact yet, the most controversial aspect of Autodesk’s Q1 print was the lowering of the FY26 normalized c.c. billings growth guide by 1 point to reflect additional macro conservatism. That said, KeyBanc comes away most encouraged by Q1 normalized c.c. revenue growth accelerating to 11% vs. 9% in Q4. The firm believes this signifies a more favorable glide path to the second half of the year, reinforcing its view that 8%-9% normalized c.c. guidance remains relatively conservative and presents upside potential.