UPDATE: JP Morgan Downgrades Affymetrix to Underweight

JP Morgan lowered its rating on Affymetrix

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.