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  "documentTitle": "Autodesk, Inc. (ADSK)",
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      "text": "We believe Autodesk should target ~55% incremental margins, in-line with design software peers",
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      "text": "incremental margins: 36%",
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      "text": "Source: Capital IQ, Bloomberg, and public filings. Market data as of July 29, 2024.",
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      "text": "CY23-26 Revenue CAGR and CY23 Gross Margin data for peers",
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      "text": "The Company's Expected Incremental Margins Are Well Below Peers",
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