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/ 11.17.2010 12:00AM
Avid Boosted by Raised Rating
NEW YORK: Shares of Avid Technology jumped following the
news of an upgrade from J.P. Morgan. The investment bank lifted Avid from
Overweight to Neutral. J.P. Morgan raised Avid’s target price from $13.50 to
$17.50. Avid shares (NASDAQ: AVID) rose from trading near $14.20 yesterday to
more than $15 earlier today before settling near $14.90.
Avid reported a net per-share loss of 26 cents for the third quarter compared
to a EPS loss of 46 cents a year earlier. Avid issued a full-year revenue
forecast for 2010 of $655 million to $665 million--low-balling analyst
expectations of $664.7 million. However, the company got props for its 2011
projection of $690 million to $710 million.
J.P. Morgan analyst Paul Coster said the company doesn’t appear to be
stretching targets, and can still cut operating costs, according to
Barron’s.
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Tuesday 12:00AM
Google Completes Motorola Mobility Acquisition
It’s a great time to be in the mobile business, and I’m confident that the team at Motorola will be creating the next generation of mobile devices that will improve lives for years to come.