Chardan Capital Markets Downgrades Magnachip Semiconductor (MX) to Neutral
Tweet
Share
E-mailGet Alerts MX Hot Sheet
Price: $3.82 -2.05%
Rating Summary:
5 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 8
Rating Summary:
5 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 8
Join SI Premium – FREE
Chardan Capital Markets downgraded Magnachip Semiconductor (NYSE: MX) from Buy to Neutral following the resignation of the CFO and cancelling of its annual analyst day scheduled for May 9, 2014.
Analyst Jay Srivatsa comments, "These two events leads us to believe that what began as a simple error in timing of revenue recognition has escalated into a full scale audit going back to 2011 which could mean that MX will have to restate its financials for the past three years and will likely be unable to report its FY:13 results and possibly Q1:14 results till the audit is completed in the next few months."
He is recommending investors move to the sidelines until there is further clarity on the company's financials.
For an analyst ratings summary and ratings history on Magnachip Semiconductor click here. For more ratings news on Magnachip Semiconductor click here.
Shares of Magnachip Semiconductor closed at $13.94 yesterday.
Analyst Jay Srivatsa comments, "These two events leads us to believe that what began as a simple error in timing of revenue recognition has escalated into a full scale audit going back to 2011 which could mean that MX will have to restate its financials for the past three years and will likely be unable to report its FY:13 results and possibly Q1:14 results till the audit is completed in the next few months."
He is recommending investors move to the sidelines until there is further clarity on the company's financials.
For an analyst ratings summary and ratings history on Magnachip Semiconductor click here. For more ratings news on Magnachip Semiconductor click here.
Shares of Magnachip Semiconductor closed at $13.94 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BofA Securities Downgrades LENZ Therapeutics Inc (LENZ) to Neutral
- Vera Therapeutics (VERA) PT Lowered to $80 at Goldman Sachs
- Nomura/Instinet Downgrades Lloyds Metals & Energy Ltd (LLOYDSME:IN) to Neutral
Create E-mail Alert Related Categories
Analyst Comments, DowngradesRelated Entities
Chardan Capital MarketsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
