Autodesk (ADSK) is seeing steady fiscal Q2 sales trends with limited disruption from its restructuring and new transaction model, and the company remains on track to meet or slightly exceed 2026 expectations, Oppenheimer said Thursday in a report, citing a call with a leading Autodesk partner.

The partner said fiscal Q2 performance was in line or slightly ahead of plan, driven by broad strength across the architecture, engineering and construction segment, including notable demand from data centers, along with healthy new customer activity and upselling, Oppenheimer said. The US outperformed international regions as domestic partners had more time to adjust to the new transaction model, the report said.

Oppenheimer noted that one large partner agency is restructuring and reducing retention-sales staff to adapt to commission changes, while other partners cited mixed H1 results tied to the transition. Even so, most partners were cautiously optimistic about H2 pipeline conversion as the changes normalize, the report said.

Construction continues to grow significantly faster than design, partly due to past investments, and win rates remain steady, Oppenheimer said. The MaintainX acquisition can extend Autodesk's strong position in early-stage building workflows into operations, though partners expect a steep learning curve, the report said.

Oppenheimer maintained its outperform rating on Autodesk stock and its $300 price target.

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