UPDATE: Deutsche Bank Upgrades Affymetrix to Buy
Deutsche Bank has published a research report on Affymetrix (NASDAQ: AFFX) and has upgraded the company from Hold to Buy as the risk/reward benefit is favorable.
In the report, Deutsche Bank writes, "We are upgrading AFFX from Hold to Buy and are increasing our PT from $4.50 to $7.00 on the back of renewed strategic interest in the genomics market (Roche hostile bid for Illumina). We view the recent CEO change as catalyzing the R&D / commercial organizations, with the recent eBio deal accelerating the company's transition to downstream / applied markets. Our new PT is based on ~2.00x our FY12 revenue estimate of $322.0 million (adjusted for net debt)."
Deutsche Bank has also raised the price target from $4.50 to $7 on Affymetrix, which is currently trading up $0.54 from yesterday's $4.75 closing price.
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