(RTTNews) - Friday, Cowen downgraded Integrated Device Technology Inc.
(IDTI) shares to Neutral from Outperform. The brokerage maintained its 2008 EPS estimate of $0.96, and its 2009 estimate of $0.90.
Analyst John Barton said that the company's VP & CFO Clyde Hosein announced his resignation, effective June 13, to become the CFO of Marvell Technology Group Ltd.
(MRVL). This announcement comes ~2 months after Ted Tewksbury was appointed President and Chief Executive Officer of IDTI.
The analyst is very comfortable with the company's short-term financial performance and pending new product ramps. However, the analyst believes it is appropriate to better understand these significant senior management changes before advocating additional purchases of IDTI shares.
Currently, the stock is down $0.47 or 4.05% and trading at $11.13.
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