BofA: This software maker’s AI edge is ’hard to copy and hard to beat’
Bank of America reinstated coverage of Autodesk with a Buy rating and $300 price target, arguing the design software company’s entrenched 3D data and decade-long AI investment make its AI advantage “hard to copy.” BofA views AI as an upsell and revenue opportunity—citing 60% user acceptance for AutoConstrain—rather than a threat, and projects revenue growth of 13% and 10% in the next two years and free cash flow rising from $2.4bn (FY2026) to $2.8bn (FY2027). The $300 target is based on 21x calendar-2027 FCF and implies about 27% upside from recent levels. Near-term execution and a ~15% workforce reduction leave some risk to billings early in the year, but BofA expects recovery in H2 as enterprise renewals kick in.