The following ratings changes were generated on Tuesday, Feb. 24.
We've downgraded Adaptec(ADPT Quote), which provides storage solutions to move, manage and protect data and digital content, from hold to sell. This rating is driven by the company's decline in the stock price during the past year, unimpressive growth in net income, weak operating cash flow and feeble growth in its earnings per share.
Net income feel to -$1.3 million in the most recent quarter from $1.1 million in the year-ago quarter, significantly underperforming the S&P 500 and the computers and peripherals industry. Net operating cash flow decreased to -$4.2 million, though return on equity improved slightly, which can be construed as a modest strength. EPS declined steeply, but the consensus estimate suggests that the company's two-year trend of declining EPS should reverse in the coming year. ...
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