Integrated Device: CFO Leaves, Cowen Downgrades

May.30.08 | About: Integrated Device (IDTI)

Integrated Device Technology (NASDAQ:IDTI) shares are under pressure today following yesterday’s news that CFO Clyde Hossein is leaving the company to be come CFO at Marvell (NASDAQ:MRVL)

Cowen’s John Barton this morning notes that the CFO resignation comes just two months after the installation of new CEO Ted Tewskbury. That’s too much uncertainty for Barton; today he cut his rating on the stock to Neutral from Outperform.

“We believe it is appropriate to better understand these significant senior management changes before advocating additional purchases of IDTI shares,” he wrote in a research note this morning.

Lehman’s Tim Luke notes this morning that the departure of the “highly respected” Hossein was likely to weight on sentiment for IDTI shares. He does say, though, that the company appears to be on track to slightly ahead of Q2 estimates. Likewise, Citigroup’s Glen Yeung contends that June quarter results are “tracking at the high end of guidance.”