Autodesk Earnings: Resilient Quarter Amid Growing Macro Concerns

We raise our fair value estimate for wide-moat Autodesk to $295 from $290 after the company reported results that exceeded both our top and bottom-line estimates. We remain impressed by Autodesk's resilience in revenue, healthy billings and strong renewal rates in the face of macroeconomic headwinds over the past few months. Enterprise business agreements were a key contributor, as the company was able to capture large renewals and expansion from infrastructure and energy firms. Management reiterated that Autodesk has yet to see a change in the overall business momentum or slowdown in customer activity but embedded caution into its slightly raised full-year guidance. With shares marginally up on results, we view the stock as fairly valued.