Market Overview

UPDATE: FBN Securities Downgrades OCZ Technology to Underperform on Negative Pre-Announcement

Related OCZ
Toshiba Confirms it Will Acquire Assets of OCZ Technology
Stocks Hitting 52-Week Lows

FBN Securities reduced its rating on OCZ Technology (NASDAQ: OCZ) from Sector Perform to Underperform and lowered its price target from $6 to $4.

FBN Securities noted, "We are downgrading shares of OCZ from Sector Perform to Underperform and lowering our PT from $6 to $4 following OCZ'a negative preannouncement of FQ2/Aug. results last night. In our opinion, OCZ has been struggling with weaker-than-expected demand over the last few quarters that led to a deterioration in its balance sheet, and now this deterioration is manifesting itself in much weaker-than-expected revenue. Compounding its near-term difficulties is its relatively high exposure to Europe (46% rev.)."

OCZ Technology closed at $5.36 on Wednesday.

Posted-In: FBN SecuritiesAnalyst Color Downgrades Intraday Update Analyst Ratings

 

Most Popular

Related Articles (OCZ)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free