Positive Outlook for Autodesk: Stable Demand, Strategic Positioning, and Margin Expansion Drive Buy RatingWe remain constructive on Autodesk shares, supported by (1) a stable 2H and improving CY26 demand backdrop, (2) continued margin expansion driving FCF growth, and (3) the company’s defensible vertical software positioning amid broader AI-related multiple compression. We believe consistent execution on revenue and margin targets can help narrow the valuation gap vs. peers ( Exhibit 12 ) as investors gain confidence in the business model transition and confidence in margin expansion. First, on the demand environment, our checks and peer read-throughs from design software providers ( Exhibit 8 ) point to a stable macro backdrop in Q3, suggesting potential for a modest top-line beat.