Stifel analysts lowered their estimates and the price target on Autodesk (NASDAQ:ADSK) to $240.00 from $245.00 while reiterating their Buy rating.

After speaking with four Autodesk platinum-level channel partners, the analysts noted that results were disappointing, with missed quarterly expectations and expressed caution for the year due to a softening macro backdrop and demand pull-forward. The uncertain macro is seen as the cause, not competition. Despite this, Autodesk Construction Cloud remains strong.

While noting that uncertain macro may have a negative near-term impact on the results, the analysts continue to believe the company will sustain double-digit growth and expand margins and cash flow.