Avid Technology initiated with a Buy at Truist

Truist initiated coverage of Avid Technology with a Buy rating and $45 price target. The analyst believes Avid represents a "unique" software-centric technology company with a leadership position serving the media and entertainment industry. Numerous tailwinds, including growth in video consumption, creative content, streaming services and a shift to software-as-a-service, support double-digit growth in a $15B-plus total addressable market, the analyst tells investors in a research note. The firm believes the shares are undervalued at current levels.