Avid Tech (NASDAQ:AVID): Kaufman downgrades to Sell with $15 tgt

- Kaufman is lowering their rating on shares of Avid Technology (NASDAQ:AVID) to SELL from HOLD as management sees 2008 as a transition year. Firm does not doubt that 2008 will be a transition year, but 2007 and 2006 were as well and that is just too long to ask investors to be patient. Their new price target is $15 (previously $28), which is based on 2008 EPS expectation of $0.90 and a 17x multiple. Firm's universe is trading at a median multiple of 17x.

Notablecalls: I think this call has the potential to kill AVID stock today and over the next week. New lows are coming.