Dougherty & Co Downgrades Avid Technology (AVID) to Neutral

Dougherty & Co downgraded Avid Technology (NASDAQ: AVID) from Buy to Neutral and removed its price target (prior $18.00). Analyst Steven Frankel noted disappointing Q2 results.

"As Avid has clearly shown, technology turnarounds are never easy and the results can be rocky. Once again in in Q2, all three key metrics - Revenue, Adj. EBTIDA, and Bookings were well short of expectations as orders slipped out of the quarter. Management remains optimistic, and even raised its Adj. EBITDA guidance for the year but, after three straight quarters of missed expectations we are moving to the sidelines, downgrading the shares to Neutral. There's a risk that we are downgrading at the bottom, but until we have more confidence in the quarter-to-quarter performance of the business we are going to stay on the sidelines," said Frankel.

For an analyst ratings summary and ratings history on Avid Technology click here. For more ratings news on Avid Technology click here.

Shares of Avid Technology closed at $12.02 yesterday.

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