UPDATE: Stifel Nicolaus Downgrades OCZ Technology Group to Hold Post CEO Resignation

Stifel Nicolaus reduced its rating on OCZ Technology Group

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.