Rosenblatt likes Avid's business turnaround, starts coverage with 'neutral'

Avid Technology

12/07/2022 13:05

** Rosenblatt Securities starts coverage on software co Avid
Technology  AVID.O  with "neutral" rating and PT of $30
    ** "Over the last two years, management has successfully
turned around the business, raising margins, improving cash
flow, reducing quarter-to-quarter volatility and improving the
balance sheet" - Brokerage
    ** Says there are ample opportunities to shift co's business
more toward SaaS (Software as a Service)
    ** Adds that AVID dominates high end of market and has an
extremely loyal customer base
    ** Avg rating of 5 analysts is "buy"; median PT is $42 -
Refinitiv data
    ** As of last close, stock fell ~11% this year

    

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))