1 2 A retrospective A AUTODESK Long history of leading market on major technology shifts Future: AI-enabled Future: AI loud-native Design and Make Design, Make, assisted design features SaaS products and Operate Shift away from deign Creating unique IP Build out new Leveraging commodity Expand our paradigm to the applications that are cloud through foundation only to design and make AI tools and custom operation of buildings, native and integrate with by expanding into models that drive AI foundation models ...

I gave a buy rating for Autodesk, Inc. (NASDAQ: ADSK ) previously because of the solid execution so far, successful traction with the transaction model shift, and also AI adoption showing real momentum. I believeI’m a fundamental, valuation-driven investor with a strong focus on identifying businesses that have the potential to scale over time and unlock massive terminal value. My investment approach centers around understanding the core economics of a business—its competitive moat, unit economics, reinvest ...

Core Insights - Autodesk, Inc. (NASDAQ: ADSK) has been given a buy rating due to solid execution, successful transition to a transaction model, and significant momentum in AI adoption [1] Group 1: Investment Approach - The investment strategy focuses on identifying businesses with potential for long-term scaling and unlocking substantial terminal value [1] - Emphasis is placed on understanding core business economics, including competitive moat, unit economics, reinvestment opportunities, and management quality [1] - The analysis aims to translate these factors into long-term free cash flow generation and shareholder value creation [1] Group 2: Market Focus - The investment approach is directed towards sectors that exhibit strong secular tailwinds [1] - The analyst is a self-educated investor with a decade of experience, currently managing personal funds sourced from friends and family [1] Group 3: Purpose of Analysis - The intention behind writing is to share investment insights and receive feedback from fellow investors [1] - The goal is to help readers concentrate on the elements that genuinely drive long-term equity value [1] - The analysis is designed to be both analytical and accessible, aiming to provide value to readers seeking high-quality, long-term investment opportunities [1]

Upgrades - Baird upgraded United Rentals (URI) to Outperform from Neutral with a price target of $1,050, up from $888, indicating stabilization in the rental industry after two years of deceleration [2] - Jefferies upgraded Sunrun (RUN) to Buy from Hold with a price target of $21, up from $11, expecting cash generation to materialize in the second half and strong growth through 2026 as U.S. Third-Party Owners gain market share [3] - HSBC upgraded Autodesk (ADSK) to Buy from Hold with a price target of $343, down from $388, noting Autodesk's potential to monetize artificial intelligence and likely margin expansion [4] - Jefferies upgraded Delta Air Lines (DAL) to Buy from Hold with a price target of $70, up from $62, citing a raised Q3 revenue outlook to 2%-4% from 0%-4% as a sign of confidence in topline growth for Q4 and 2026 [5] - Jefferies upgraded Carvana (CVNA) to Buy from Hold with a price target of $475, up from $385, based on consumer survey results and capacity analysis suggesting continued elevated growth [6] Downgrades - Northland double downgraded DraftKings (DKNG) to Underperform from Outperform with a price target of $33, down from $53, due to increasing headwinds from prediction markets [7] - RBC Capital downgraded GE Vernova (GEV) to Sector Perform from Outperform with a price target of $605, down from $631, as current valuations reflect strong demand and productivity improvements [7] - Evercore ISI downgraded Allstate (ALL) to In Line from Outperform with a price target of $233, up from $230, citing over-earning in auto insurance and limited scope for positive estimate revisions [7] - Goldman Sachs downgraded Doximity (DOCS) to Sell from Neutral with a price target of $64, up from $57, indicating the growth profile does not support the current valuation [7] - Goldman Sachs downgraded LivaNova (LIVN) to Neutral from Buy with a price target of $55, down from $56, due to decelerating sales growth and slowing margin expansion [7]

Core Insights - Autodesk, Inc. is identified as a high-risk, high-reward growth stock with a positive outlook following its Q2 2026 earnings report and new partnerships [1][2]. Financial Performance - In Q2 2026, Autodesk reported a year-over-year revenue growth of 17% [2]. - Analysts have raised the stock's price targets, with Berenberg increasing it from $365 to $370 and Morgan Stanley from $370 to $385, indicating a positive market sentiment [3]. Partnerships and Market Position - Autodesk has secured a partnership with the Kraft Group to serve as the Official Design and Make Platform for the New England Patriots, focusing on upgrades at Gillette Stadium [2]. - The company also partnered with Eaton to improve building lifecycle management through digital twin solutions, enhancing its market presence [2]. Stock Volatility and Outlook - Autodesk's stock exhibits volatility with a beta of 1.50, but there is a consensus upside potential of 14.37% [3].

Core Insights - Selecting a reliable software development company is crucial for project success in the business environment [1] - The article provides a curated list of quality software development companies based on market feedback and technical service capabilities [1] Company Summaries - **Beijing Huasheng Henghui Technology Co., Ltd.**: Specializes in custom software development with extensive experience in military, government, and enterprise projects. Core service areas include military software, industrial software, safety production, digital transformation, and applications in new energy, education, and healthcare [3] - **Beijing Wumu Hengrun Technology Co., Ltd.**: Focuses on information technology solutions for military and state-owned enterprises, offering comprehensive services in military software, education and healthcare software, and digital transformation [4] - **Moore Dimension Technology Co., Ltd.**: A high-tech company in Xi'an specializing in artificial intelligence, with expertise in deep learning, natural language processing, and computer vision. It serves various industries including military, aerospace, manufacturing, finance, e-commerce, education, and healthcare [5] - **Microsoft**: A leading global software company with a product line that includes Windows, Office, and Azure. It is recognized for its advancements in AI, machine learning, and big data analytics [5] - **Google**: Known for its search engine, Google excels in software development with products like Android, Chrome, and Gmail, and has made significant breakthroughs in AI and cloud computing [5] - **Apple**: Renowned for its design and user experience, Apple offers core software including iOS and macOS, ensuring high-quality user experiences [6] - **IBM**: A century-old technology company with deep expertise in hardware, software, cloud computing, and AI, focusing on scalable technology platforms for enterprises [6] - **Oracle**: A leading enterprise software provider known for its database, ERP, and CRM solutions, addressing data storage, big data analytics, and enterprise management needs [7] - **SAP**: A top provider of enterprise management software, particularly in the ERP sector, helping businesses automate and optimize management processes [7] - **Autodesk**: The largest design, engineering, and entertainment software company globally, with AutoCAD dominating the architectural market [8] - **ANSYS**: A leading provider of engineering simulation software, widely used in industries such as nuclear, rail, oil and gas, aerospace, and mechanical manufacturing [9] - **Siemens**: A German technology giant focusing on industrial automation, digital factories, and IoT technologies, providing comprehensive digital solutions [10] - **NVIDIA**: A well-known graphics processing company, recognized for its GPUs that are essential for deep learning and AI applications [10] Selection Summary - Companies should consider project type, budget, and technical depth when selecting a software development partner. The listed companies have distinct strengths, emphasizing the importance of choosing a reliable partner that understands business needs [12]

Core Insights - Aurigo Software has announced a fully integrated solution that combines its capital planning product with Autodesk Construction Cloud, enhancing project execution from planning to operations [1][4] - The integration allows project teams to manage various aspects such as Projects, Budgets, Commitments, Change Orders, and Expenses, facilitating performance updates [2] - Aurigo manages over $450 billion in capital programs across 40,000 projects, positioning itself as a leading planning solution for major capital owners in North America [6][10] Company Overview - Aurigo Software specializes in capital planning software, providing cloud-based solutions for infrastructure and private owners to enhance planning, building, and maintenance processes [10] - The company has introduced Aurigo Primus, an AI-powered capital planning system designed specifically for facility owners, which includes features like predictive analytics and generative modeling [6][7] - Aurigo's solutions are utilized by over 300 customers across various sectors, including transportation, water and utilities, healthcare, and government [10] Industry Context - Recent data from the U.S. Census Bureau indicates a rise in construction across multiple sectors, necessitating modern tools for planning and finance teams to manage complex capital programs [3] - The integration of Aurigo's capital planning with Autodesk's construction management solutions aims to improve accountability and transparency throughout the project lifecycle [8][9]

Group 1 - Autodesk, Inc. (NASDAQ:ADSK) has signed a multi-year agreement with the Kraft Group to serve as the New England Patriots' Official Design and Make Platform [1] - The collaboration will utilize Autodesk Construction Cloud for overseeing infrastructure projects, including developments and enhancements at Gillette Stadium [2] - Autodesk will gain visibility through the Patriots' social media and digital channels, as well as LED signage during home games, enhancing its brand presence [3] Group 2 - Autodesk is recognized as a leading software provider for designers, engineers, and builders, with technology that spans various sectors including architectural, engineering, construction, product design, and manufacturing [3]

Core Insights - Autodesk, Inc. has launched a multi-year partnership with the Kraft Group, becoming the Official Design and Make Platform for the New England Patriots [1] - This collaboration is the first of its kind with an NFL team, integrating Autodesk's innovative tools into the Patriots and Kraft Group's ecosystem [1]

Company Overview - Autodesk, Inc. (ADSK) has a market cap of $69.3 billion and is a global leader in 3D design, engineering, and entertainment software, serving various industries including architecture, construction, manufacturing, and digital media [1] - The company's product portfolio includes popular solutions such as AutoCAD, Revit, Fusion, Maya, and BIM Collaborate Pro, which facilitate design, simulation, collaboration, and visualization [1][2] Stock Performance - Autodesk's shares have decreased by 1.6% from its 52-week high of $329.09, while the stock has increased by 8.8% over the past three months, underperforming the Technology Select Sector SPDR Fund (XLK), which rose by 12.6% during the same period [3] - Year-to-date, Autodesk's shares have risen by 9.5%, lagging behind XLK's return of 16.7%, and over the past 52 weeks, ADSK stock has increased by 25.7%, compared to XLK's nearly 29% gain [4] Financial Performance - In Q2 2026, Autodesk reported adjusted EPS of $2.62 and revenues of $1.76 billion, exceeding expectations, with notable growth in AECO revenues and robust subscription sales [5] - Billings grew by 36% to $1.68 billion, indicating broad-based momentum, and Autodesk raised its 2026 revenue guidance to a range of $7.03 billion to $7.08 billion, with adjusted EPS projected between $9.80 and $9.98 [5] Competitive Position - Compared to rival Salesforce, Inc. (CRM), which has seen a YTD decline of 25.7%, Autodesk's stock performance has been stronger [6] - Analysts maintain a bullish outlook on Autodesk, with a consensus rating of "Strong Buy" from 28 analysts and a mean price target of $362.74, representing a 12.6% premium to current levels [6]