Goldman Sachs Analyst Questions Autodesk's Revenue Growth And Total Addressable Market Targets
Goldman Sachs Analyst Questions Autodesk's Revenue Growth And Total Addressable Market Targets
Goldman Sachs analyst Kash Rangan maintained a Sell rating on AutoDesk Inc (NASDAQ:ADSK) and lowered the price target from $230 to $225.
高盛分析師Kash Rangan維持對AutoDesk Inc(NASDAQ:ADSK)的賣出評級，並將價格目標從230美元降至225美元。
Rangan noted Autodesk as a category leader with a dominant market position within design and engineering software.
Rangan指出，Autodesk是設計和工程軟件領域的領軍者，佔據着主導市場地位。
The analyst noted the company's strong competitive positioning and relative stickiness could command operating margins north of 40% in the long term.
分析師指出，公司強大的競爭定位和相對粘性可以在長期內帶來超過40%的營業利潤率。
Also Read: What's Going On With Autodesk Stock After Earnings?
還閱讀：Autodesk發佈業績後股價表現如何？
While appreciating fiscal first-quarter 2025's performance, Rangan highlighted that Autodesk is becoming increasingly reliant on price in its core design business (driving approx. half of its 10 – 15% mid-term growth target), which led to the analyst doubting the achievability of its $95 billion TAM (fiscal 2027) and the ability for revenue growth to inflect towards the midpoint of its 10-15% framework.
儘管Rangan盤點了2025財年第一季度的業績，但他強調，Autodesk在其主要設計業務方面變得越來越依賴價格（推動其10-15%中期增長目標的約一半），這導致分析師對其950億美元的總地址空間（在2027財年）和營收增長朝向10-15%框架中點的可實現性產生懷疑。
Furthermore, with an already-mature adjusted operating margin profile (>35%), continued leverage could prove more muted, per the analyst. He said that investors may need to be more concerned about the sustainability of ADSK's mid-term Free Cash Flow (FCF), given the results of the company's internal investigation.
此外，分析師表示，由於其已成熟的調整後營業利潤率配置（>35%），繼續利用槓桿的空間可能更爲有限。他表示，基於公司內部調查的結果，投資者可能需要更關注ADSK中期自由現金流（FCF）的可持續性。
Price Action: ADSK shares are trading higher by 5.32% to $222.76 at the last check Wednesday.
股價方面：ADSK股票在週三最後一次交易中以222.76美元的價格上漲了5.32%。
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圖片來自shutterstock。
譯文內容由第三人軟體翻譯。