B.Riley FBR Sticks to Its Buy Rating for Avid Technology (AVID)

By Carrie Williams

In a report released today, Josh Nichols from B.Riley FBR maintained a Buy rating on Avid Technology (AVIDResearch Report), with a price target of $10.00. The company’s shares closed last Monday at $8.44.

According to TipRanks.com, Nichols is a 4-star analyst with an average return of 9.9% and a 41.6% success rate. Nichols covers the Consumer Goods sector, focusing on stocks such as Adesto Technologies, Horizon Global, and RF Industries.

Currently, the analyst consensus on Avid Technology is a Moderate Buy with an average price target of $12.00, a 42.7% upside from current levels. In a report issued on January 30, Maxim Group also maintained a Buy rating on the stock with a $14.00 price target.

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Based on Avid Technology’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $3.17 million. In comparison, last year the company had a net profit of $5.9 million.

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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.