UPDATE: Piper Jaffray Reduces PT to $7 on Avid Technology on Q3 Pre-Release

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Piper Jaffray reiterated its Neutral rating on Avid Technology (NASDAQ: AVID) and lowered its price target from $8 to $7. Piper Jaffray said, "Avid pre-announced a soft Q3 based on weakness in North America and continued transitional issues. We continue to believe Avid is not losing share in its core ongoing segments and customers' spending intentions are largely un-phased by the global macro uncertainty, at this time. That said, there are no product cycles or other material catalysts to suggest Avid's business will experience a growth rate that is above broader industry levels. We are reiterating our Neutral rating and lowering our PT from $8 to $7, based on 0.5x 2013E revenue."Avid Technology closed at $8.17 on Friday.

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