- Shares of Autodesk have fallen more than 30% this year, roughly in line with other growth tech stocks.
- Relative to peers, however, Autodesk's ~8x forward revenue multiple is still sitting at quite rich levels that don't have much room to rebound.
- As strong as Autodesk is, it's already the leader in the CAD space, and it doesn't have meaningful drivers to accelerate beyond its current 18% y/y growth.
- I would only call the stock a solid buy if it reaches a low-teens multiple of free cash flow.
For further details see:
Autodesk: A Comeback Is Possible, But It Won't Be Massive