Jefferies Sets Autodesk Target at $325
Jefferies reiterated its buy rating on Autodesk and expects the software maker to exceed its revenue guidance ahead of fiscal third-quarter results.
Updated on Nov. 9, 2026 in Stock Picks
Jefferies reiterated its buy rating on Autodesk Inc and raised its price target to $325. Autodesk shares have risen 25% quarter to date.
Why it matters
Jefferies believes investor concerns surrounding the MaintainX acquisition have largely subsided, and it sees resilient demand and strong cash generation supporting further share gains. The firm also argues emerging coding tools lack the specialist workflows and regulatory expertise industrial software customers require.
Jefferies values Autodesk at about 19 times estimated calendar 2027 free cash flow and applies 21 times forecast FY2029 free cash flow to reach its $325 target, while Autodesk's current financial year free cash flow guidance sits between $2.725 billion and $2.75 billion. Jefferies expects revenue to beat guidance by roughly $30 million, but the model's assumptions rest on partner channel checks rather than company disclosures.
The players
Jefferies
Jefferies is a global investment banking and securities firm whose equity research division issues ratings and price targets on publicly traded companies.
Autodesk Inc
Autodesk is a San Rafael, California-based software company best known for AutoCAD and its architecture, engineering and construction software products.
Procore
Procore is a construction management software company that competes with Autodesk in construction and building information modelling workflows.
The details
Autodesk reduced its free cash flow guidance last quarter in connection with the MaintainX acquisition. Autodesk Construction Cloud and Forma remain strengths, while the partner sees emerging competitive pressure from Procore in design and building information modelling.
Timeline
Last quarter: Autodesk reduced its free cash flow guidance linked to the MaintainX acquisition.
Quarter to date: Autodesk shares have risen 25%.
Fiscal third quarter: Autodesk is expected to report results above guidance.
Financial year 2029: Autodesk targets a 41% operating margin.
Market Dynamics
Jefferies' view that AI coding tools lack the specialist workflows and regulatory expertise of industrial software vendors places Autodesk within the broader debate over whether generative AI will displace established design software. The firm's view that Procore is emerging as a competitor in building information modelling reflects the ongoing competition among construction software vendors for market share.
Investors weighing Autodesk shares face a valuation that Jefferies bases on free cash flow multiples rather than near-term earnings. Retail investors holding the stock may consider whether the 25% year-to-date gain already reflects the upside Jefferies projects.
The takeaway
Analyst price targets built on free cash flow multiples depend heavily on assumptions about future cash generation. Investors should compare a target like Jefferies' $325 against the company's own guidance before acting on it.
What happens next
Autodesk is expected to report fiscal third-quarter results, which Jefferies expects to exceed revenue guidance.
Further reading
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Source note: This article includes information reported by Proactiveinvestors NA.
