UPDATE: Deutsche Bank Lowers Target on Affymetrix to $6
Deutsche Bank maintains its Buy rating on Affymetrix (NASDAQ: AFFX) but lowers its price target by $1 to $6 as it removes acquisition target eBio revenues from forecasts.
Deutsche Bank says, "We reiterate our Buy rating based on our confidence in CEO Whitney's ability to successfully navigate the company through a tough transition year, realign the R&D cost structure and reinvigorate the commercial organization (new products / applications). AFFX also stated it is working on restructuring its eBio deal in an attempt to close the acquisition. Given uncertainty around deal closure, we are removing eBio revenues from our est."
AFFX closed at $5.15 a share on Wednesday.
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