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

FBN Securities reduced its rating on OCZ Technology OCZ from Sector Perform and lowered its price target from $6 yo $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.