Avid Technology Reports Mixed Earnings, Piper Jaffray Drops Price Target (AVID)

Avid Technology AVID reported a mixed bag of results for the 2nd quarter. EPS was ($0.05) slightly above consensus of ($0.06). Revenue was $162.2 million, slightly below the Street at $163.9 million. Piper Jaffray analysts Michael Olson and Andrew Murphy said, "We believe the demand environment may rebound through CY10 with improving TV ad spending, and we are maintaining our Neutral rating on shares of AVID." One again Avid did not issue guidance. Piper Jaffray maintained its Neutral rating for Avid, but dropped its price target to $13 from $18.