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Dougherty & Co. downgrades Avid Tech

Dec. 07, 2017 1:05 PM ETAvid Technology, Inc. (AVID) StockAVIDBy: Brandy Betz, SA News Editor
  • Dougherty & Company downgrades Avid Tech (NASDAQ:AVID) from Neutral to Sell with a $4.50 price target.
  • Firm says Avid has shown important progress over the last few quarters in terms of bookings and expense control, but the company doesn’t see a path to sustainable top-line growth, better profitability, and material generation of FCF. 
  • The firm sees more downside than not while Avid trades at 9x EV/18 EBITDA. 
  • Avid shares are down 9.4%.    
  • Previously: Avid Technology +22.5% after mixed Q3, upside guidance (Nov. 10)

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