Piper Jaffray Lowers PT On AVID To $19

Piper Jaffray has issued a report lowering the Price Target on Avid Technology AVID from $20 to $19 a share. According to the report, "Avid reported Q2 revenue and EPS below consensus estimates and the company lowered its FY11 revenue guidance. While the company faced challenges in Q2, we do expect Avid will benefit from Apple's ill-received Final Cut Pro X, which may be a mild catalyst for the Pro Video business in the coming months." AVID has a Neutral Rating and closed at $18.35 a share yesterday.