Macquarie raised the firm’s price target on Autodesk (ADSK) to $380 from $360 and keeps an Outperform rating on the shares as the firm raised its FY26 and FY27 non-GAAP diluted EPS estimates by 3% and 1%, respectively, after the company raised its own FY26 revenue growth and underlying operating margin guidance. The “biggest positive surprise on the call” was a new long-term non-GAAP operating margin target for FY29 of 41%, or 45% excluding the impact of the new transaction model, which represents over 900 basis points of underlying margin expansion from FY24, the analyst tells investors.
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