UPDATE: Piper Jaffray Lowers PT on Avid Technology to $9

Piper Jaffray is out with its report today on Avid Technology

, lowering its PT from $19 to $9. In its report, Piper Jaffray writes, "Avid reported Q3 revenue and EPS below consensus estimates and lowered its FY11 revenue guidance. Avid benefited from Apple's ill-received Final Cut Pro X on a unit basis, but still came in below our estimate in the Pro Video segment due to the reduced pricing it offered ex-Final Cut users (Video revenue was $98.4m vs. our model at $102m). The company announced a 10% cut in headcount as it continues to try to right-size its operating model in what seems like a continuous 'transition phase.' We are reiterating our Neutral rating and lowering our target from $19 to $9." Shares of AVID closed Thursday at $7.90, up 7.05% from Wednesday's close.