Autodesk price target raised to $361 from $357 at Piper Sandler

Piper Sandler raised the firm’s price target on Autodesk (ADSK) to $361 from $357 and keeps an Overweight rating on the shares. The firm notes Autodesk reported Q1 2026 constant-currency underlying results that accelerated from Q4 2025 with 11% underlying cc revenue growth and 22% underlying cc billings growth vs. 15% last quarter. Q1 strength was led by strong AECO activity and continued improved conversion within the Autodesk store. Additionally, profitability was a bright spot in the quarter with free cash flow coming in at $556M & 37% EBIT margins vs. street expectations of $449M & 35.6% respectively. This early Q1 momentum across top and bottom line is encouraging, and Piper believes is likely to overshadow the company’s decision to add modest incremental caution to the rest of the year guide, lowering the underlying Billings growth range by 1%.