UPDATE: JP Morgan Downgrades Affymetrix to Underweight
JP Morgan lowered its rating on Affymetrix (NASDAQ: AFFX) from Neutral to Underweight on macro risk.
JP Morgan said, "We are lowering our rating on AFFX from Neutral to Underweight on the poor outlook for arrays in academic/research, and limited flexibility for capital deployment following the eBiosciences acquisition. ... With increasing competition in arrays from Illumina and Agilent (Roche even felt the need to exit arrays recently), as well as sequencing and other platforms (desktop sequencers, nanofluidics platforms, etc.), we see little to stabilize the array business, particularly against the backdrop of a challenging U.S. and EU funding environment."
Affymetrix closed at $4.41 on Tuesday.
Latest Ratings for AFFX
|Jan 2016||Mizuho Securities||Downgrades||Buy||Neutral|
|Aug 2015||Cantor Fitzgerald||Initiates Coverage on||Buy|
|Mar 2015||UBS||Initiates Coverage on||Neutral|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.