Shares of Xyratex Ltd. (Nasdaq:XRTX) dropped by nearly 8% this morning, hitting a new 52-week low, after an analyst downgraded its stock.

Before the bell, Friedman Billings downgraded the stock to “market perform” from “outperform.”

By late morning, the U.K.-based storage solutions provider is at $8.10, down $0.70 from Thursday’s close, after having traded as low as $7.80 earlier in the day.

Previously, shares had ranged as low as $8.79 and as high as $22.97 in the past 52 weeks.

For detailed price information and news stories on Xyratex, click XRTX.

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