UPDATE: Piper Jaffray Reduces PT to $13 on OCZ Technology Group Following In-Line FQ1
Piper Jaffray reiterated its Overweight rating on OCZ Technology Group (NASDAQ: OCZ) but reduced its price target from $17 to $13.
In the report, Piper Jaffray noted, "OCZ reported an in-line FQ1, despite suffering supply constraints at the end of the quarter that left ~$27 million on the table. With these issues now resolved and the orders having recently shipped, coupled with 4-5 pending deals at Microsoft that are expected to close this quarter, we view the FQ2 guidance as largely conservative. We believe now is the time to own shares of OCZ as the company has a number of initiatives that are not yet factored into the annual outlook, which could enable consecutive beat-and-raise quarters going forward. As such, we are reiterating our Overweight rating, but lowering our price target to $13 (prev $17)."
Shares of OCZ Technology Group were trading at $4.59, down 15.78 percent from Tuesday's market close
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