Integrated Device (IDTI) NewsBite - Integrated Device Hit with Downgrade

Posted on Friday, May 30, 2008 1:03 PM

Integrated Device Technology Inc. (IDTI) opened at 11.10. So far today, the stock has hit a low of 11.05 and a high of 11.30. IDTI is now trading at 11.14, down 0.46 (-4.14%). The stock hit its 52 week high of 16.64 in July and set its 52 week low of 6.94 in January. The stock had been in a nice upwards pattern since January before moving lower over the past couple of weeks. The stock was downgraded today by Cowen & Co. from a "outperform" to a "neutral". Technical indicators for the stock are bullish and steady while S&P gives IDTI a neutral 3 STARS (out of 5) hold rating. If you’re looking for a hedged play on this stock, consider an August bear-call credit spread above the $12.50 range. IDTI stock could rise up to 12.2% before expiration and this position would still be profitable. [RHF- Seven Summits Strategic Investments NewsBite]