Autodesk (ADSK) experienced a modest sales slowdown in fiscal Q2 as macroeconomic uncertainty and challenges tied to its ongoing agency model transition continued to weigh on demand, Oppenheimer said Thursday, citing feedback from a Platinum channel partner.

The partner indicated that fiscal Q2 sales dipped slightly from Q1 levels, with delays in customer decision-making due to policy and macro concerns. At the same time, the shift to the new agency model continued to limit new business capacity, the firm said.

While enterprise activity remained solid, the partner said small and midsize business activity was soft due to "subdued hiring and investment activity."

Despite the sluggish first half, the partner expressed optimism for a stronger H2 of the fiscal year. Improvements are expected in Q3 and Q4, supported by looser budgets, regulatory clarity, and the resolution of issues tied to Autodesk's new agency model, which could add up to 100 basis points of growth next year.

The brokerage said Autodesk remains positioned for high-teens to low-20% earnings growth over the longer term, supported by high single- to low double-digit revenue growth and consistent margin expansion.

Oppenheimer has an outperform rating on Autodesk, with a price target of $350.

Shares of Autodesk were down 3.6% in recent trading.

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