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        "rawOutput": "{\"model\":\"AI Equity Analyst\",\"as_of\":\"2026-04-08T20:00:02.000Z\",\"ticker\":\"ADSK\",\"currency\":\"USD\",\"current_price\":240.65,\"target_price_6m\":255.0,\"target_price_12m\":275.0,\"recommendation\":\"BUY\",\"confidence\":0.65,\"thesis_bullets\":[\"Strong competitive moat in AEC software with high switching costs and sticky user base.\",\"Transition to direct billing model should capture higher margins and improve cash flow visibility.\",\"Generative AI features provide pricing power and ARPU expansion opportunities across the portfolio.\",\"Solid FCF yield of ~3.7% provides downside protection despite optical high P/E ratio.\",\"Near-term macro headwinds in manufacturing are offset by resilient infrastructure and construction spending.\"],\"key_drivers\":[{\"driver\":\"AEC end-market demand\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Transition to direct billing model\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Generative AI integration\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Macroeconomic sensitivity in manufacturing\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Operating margin expansion\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Non-compliant user conversion\",\"impact\":\"MED\",\"direction\":\"POS\"}],\"risks\":[\"Cyclical downturn in construction and manufacturing sectors.\",\"Execution risks related to the new direct billing transaction model.\",\"FX headwinds impacting international revenue.\",\"High valuation multiple leaves little room for execution missteps.\"],\"assumptions\":{\"revenue_cagr_3y\":0.12,\"ebit_margin_target\":0.35,\"wacc\":0.085,\"terminal_multiple\":25.0},\"scenarios\":{\"bear\":{\"target_price\":190.0,\"prob\":0.2,\"notes\":\"Macro slowdown hits construction and manufacturing, stalling seat growth.\"},\"base\":{\"target_price\":275.0,\"prob\":0.6,\"notes\":\"Steady AEC demand, successful transition to new transaction models, and margin expansion.\"},\"bull\":{\"target_price\":310.0,\"prob\":0.2,\"notes\":\"AI features drive ARPU expansion and construction software adoption accelerates.\"}},\"method_notes\":\"Valuation based on 25x NTM FCF and DCF (8.5% WACC). Target implies 14% upside, supporting a BUY rating. Not investment advice.\"}",
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