In a report released today, Nehal Chokshi from Maxim Group reiterated a Buy rating on Avid Technology (AVID), with a price target of $14. The company’s shares closed yesterday at $9.30, close to its 52-week high of $9.35.
Chokshi noted:
“Strong Mar Q results on the top and bottom line driven by storage product revenue, total revenue backlog and annual contract value (ACV) mid-single digit growth demonstrates installed base value is growing. Jun Q guidance in-line, reflects better than historical seasonality patterns, despite caution cited with respect to planned contract manufacturer shift and maintenance of CY19 guidance. Results & guidance further fortify our due diligence-led confidence in utilizing a DCF framework; reiterating Buy rating and 12-month price target of $14.”
According to TipRanks.com, Chokshi is a 4-star analyst with an average return of 9.5% and a 58.0% success rate. Chokshi covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Super Micro Computer, and Palo Alto Networks.
Currently, the analyst consensus on Avid Technology is a Hold with an average price target of $8.50.
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The company has a one-year high of $9.35 and a one-year low of $4.37. Currently, Avid Technology has an average volume of 510.3K.
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Avid Technology, Inc. engages in the provision of technology services for media and entertainment industry. It develops, markets, sells, and supports software and integrated solutions for video and audio content creation, management and distribution. The company was founded by William J. Warner in September 1987 and is headquartered in Burlington, MA.
