UPDATE: J.P. Morgan Lowers Price Target On Avid Technology To $14.50

According to J.P. Morgan, Avid Technology

price target is lowered to $14.50. J.P. Morgan said that it is trimming revenue estimates slightly, reflecting its view that AVID's audio segment is unlikely to post growth in 2011-2012 owing to slowing demand in the consumer and enthusiast markets. “We are lowering our price target to reflect lower 2013 EPS and lower valuation multiples across our coverage universe. Price target goes to $14.50 (from $21.00). Maintain Neutral.” Avid Technology closed yesterday at $8.94.