UPDATE: Stifel Nicolaus Downgrades OCZ Technology Group to Hold Post CEO Resignation
Stifel Nicolaus reduced its rating on OCZ Technology Group (NASDAQ: OCZ) from Buy to Hold and removed its price target, previously at $8 a share.
Stifel Nicolaus noted, "OCZ has announced the resignation President, CEO and founder, Ryan Petersen – effective immediately. The reasoning of Mr. Petersen's departure was not disclosed by the company and we note that this follows the company's recent (9/5) preannouncement of weaker-than-anticipated F2Q13 results and the announced retirement of the company's CFO, Arthur Knapp (8/6). … Although we continue to believe that OCZ's underlying technology capabilities have been underappreciated, deepening uncertainties, particularly surrounding the company's cash/inventory position, leaves us to downgrade from Buy to Hold."
OCZ Technology Group closed at $4.46 on Monday.
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