UPDATE: FBN Securities Downgrades OCZ Technology to Underperform on Negative Pre-Announcement
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.
Latest Ratings for OCZ
|Mar 2013||Longbow Research||Initiates Coverage on||Neutral|
|Oct 2012||FBN Securities||Drops Coverage on|
|Sep 2012||Stifel Nicolaus||Downgrades||Buy||Hold|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.