JP Morgan Maintains Overweight on Avid Technology (AVID)

JP Morgan is out with its report today on Avid Technology AVID, maintaining Overweight. In a note to clients, JP Morgan writes, "Maintain Overweight rating. The stock is trading at 25 times our CY11 PF EPS forecast of $0.89, but we believe the ongoing turnaround is not fully priced in. We believe PF EPS of over $1.00 can be attained in 2012 on just 5% y/y growth, and the company will be awarded a peak 2005-2007 multiple with such growth. Our price target is $25.00, based on 21 times CY12E PF EPS of $1.19." Shares of AVID closed Tuesday at $22.38.