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Fly News Breaks for March 21, 2019
AVID
Mar 21, 2019 | 09:46 EDT
BWS Financial analyst Hamed Khorsand downgraded Avid Technology to Sell from Hold with a price target of $5. The stock has rallied post the Q4 earnings report on "euphoria free cash flow would keep growing," Khorsand tells investors in a research note. To the contrary, the analyst argues, Avid's Q4 is seasonally the peak period of the year. Khorsand believes the company continues to face challenges in a "cash hungry first half" of 2019 and recommends using the recent rally to sell the shares.
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