- 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)