TechMARK movers: ARM downgrade

Citigroup has cut its rating for semiconductor company ARM from hold to sell. The broker points out that ARM has outperformed its rivals by around 40% over the past year. ARM also trades at a significant premium to those rivals. However, Citigroup has upgraded its earnings per share forecasts for the next three years and increased its target price from 190p to 210p a share. That is still well above the market price. Electronic components supplier e2v Technologies says that its revenues were 14% lower in the year to March 2010 but its order book is stronger than one year ago. Adjusted operating profit will be ahead of expectations. The year-end order book of £161m represents an increase of 4.5% on last year, while the order book for delivery in the 2010-11 financial year is £132m. Net debt, which was £52.4m at the end of 2009 following the fundraising at 70p a share at the end of last year that raised £55.8m gross, has fallen to £46m at the end of March 2010.The company's restructuring programme will start to bear fruit this year. FTSE TechMARK - RisersE2V Technologies (E2V) 50.75p +9.73%Alphameric (ALM) 28.00p +8.74%XP Power (XPP) 510.00p +6.25%Corin Group (CRG) 69.50p +6.11%Misys (MSY) 263.70p +5.31%AEA Technology (AAT) 23.00p +4.55%Asterand (ATD) 17.50p +2.94%Renovo Group (RNVO) 26.25p +2.94%Ark Therapeutics (AKT) 10.25p +2.50%QinetiQ Group (QQ.) 137.60p +2.46%FTSE TechMARK - FallersSkyepharma (SKP) 44.75p -4.28%Microgen (MCGN) 78.00p -3.70%Morse (MOR) 38.00p -3.18%Parity Group (PTY) 9.00p -2.70%Oxford Biomedica (OXB) 10.25p -2.38%ARM Holdings (ARM) 238.60p -2.21%NCC Group (NCC) 367.00p -2.20%Ricardo Group (RCDO) 292.25p -1.93%Optos (OPTS) 118.00p -1.67%Axis-Shield (ASD) 395.00p -1.62%