Piper Jaffray Maintains Neutral on Affymetrix

Piper Jaffray is out with its report today on Affymetrix

, maintaining Neutral. In a note to clients, Piper Jaffray writes, "Affymetrix announced preliminary 2Q11 top-line results, with total revenue anticipated to be in the $64M-$65M range, below our previous $75.3M and Street consensus expectations ($74.1M). The company cited soft demand from academic customers, with a pronounced weakness in North America. We are adjusting our 2Q11 estimates to incorporate the company's preliminary results and also tempering our forward outlook. We maintain our Neutral rating and $5 price target on AFFX shares." Shares of AFFX closed Wednesday at $8.00, up 1.39% from Tuesday's close.