UPDATE: J.P. Morgan Lowers Price Target on Avid Tech to $12.50

According to J.P. Morgan, Avid Technology AVID price target is lowered to $12.50. J.P. Morgan said that it is sidelined heading into 3Q print. We believe AVID's audio segment is unlikely to post growth in 2011-2012 owing to slowing demand in the consumer and enthusiast markets. “We are trimming video revenue y/y growth by 100bp for each of the remaining two quarters this year and keeping 2012/2013 growth assumptions unchanged. Our December 2012 price target goes to $12.50 (from $14.50). Maintain Neutral.” Avid Technology closed yesterday at $7.85.