Market Overview

UPDATE: JP Morgan Reduces PT to $9 on Avid Technology on Negative Pre-Announcement

Related ACOM
Jefferies & Company Terminates Coverage on Ancestry.com
Benzinga's M&A Chatter for Thursday December 27, 2012

JP Morgan reiterated its Overweight rating on Avid Technology (NASDAQ: ACOM) and lowered its price target from $10.50 to $9.

JP Morgan noted, "AVID issued a 3Q profit warning, citing poor sales execution in the U.S. and the restructuring action taken in July. The July cutbacks, which we viewed as essential, may have impacted retained businesses, raising a question mark over execution. … AVID believes the decline in revenue and profits for 3Q was largely due to sales execution in the Americas region, and transitional issues relating to the strategic cutbacks announced in July. This suggests that cutbacks were too deep or made too quickly, though we view these cutbacks (and more) as essential."

Avid Technology closed at $8.17 on Friday.

Latest Ratings for ACOM

DateFirmActionFromTo
Jan 2013Piper JaffrayTerminatesNeutral
Jan 2013Canaccord GenuityTerminatesHold
Dec 2012JefferiesTerminatesHold

View More Analyst Ratings for ACOM
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (ACOM)

Around the Web, We're Loving...

Get Benzinga's Newsletters