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DAX Studio could not connect to PowerPivot Model - Excel 2010

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I've downloaded DAX Studio (v.2.6.0) for Excel 2010 on a new machine and anytime I open a Power Pivot it fails to connect to the Power Pivot model. It always says the connection was timed out or lost. I searched and couldn't find any posts about this issue. Is there possibly a setting that needs to be changed?

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