A note, today, from Morningstar Research about Autodesk

“Autodesk's (ADSK) fiscal 2012 first-quarter results were solid, driven by strong demand for the company's recently launched suites of solutions. We plan to increase our fair value estimate. For the quarter, revenue of $528 million increased 11% year over year, reflecting double-digit growth across all divisions except architecture, engineering, and construction, which accounts for about 30% of the company's revenue. Management attributed the disappointing performance in the AEC segment to weakness in the infrastructure solutions division and expects the upcoming introduction of infrastructure design suites to stem the weak performance. Nonetheless, the year-to-date trend of the Architecture Billings Index--a leading indicator of nonresidential construction activity in the United States--continues to forecast persistently weak commercial construction activity. Operating margins of nearly 15% improved about 4 percentage points year over year, reflecting the end of restructuring charges and lower marketing and sales expenses as a percentage of revenue. Going forward, we believe Autodesk's increasing number of industry- and product-specific suites will be an important growth driver for the company. First, suites command higher average selling price points. Second, by combining the functionality of previously isolated products into a single solution, the company should increase the stickiness of its products.”