Autodesk revenue per subscriber view looks conservative, says Wells Fargo. Wells Fargo analyst Philip Winslow noted that Autodesk CEO Andrew Anagnost opened the company's investor day by issuing updated guidance on annualized recurring revenue, subscriptions, and average revenue per subscription. He said the company has decreased subscriber growth guidance to an 18% CAGR from a 20% CAGR but also increased its ARPS growth guidance to a 6% CAGR from a 3% CAGR for 2016-2020. In addition to reframing the drivers of ARR growth, they have also highlighted their pricing power during the event, said Winslow, who continues to expect Autodesk to raise the price of existing maintenance subscriptions to approach that of desktop subscriptions. He views management's ARPS guidance as "extremely conservative" and he maintains an Outperform rating and $200 price target on Autodesk shares.
