UPDATE: JP Morgan Upgrades Affymetrix to Neutral

JP Morgan has upgraded Affymetrix

from Underweight to Neutral and withdrew its price target in a research report published today. In the report, JP Morgan writes, "While we view the restructuring plan announced in 3Q, as well as moves to diversify away from the legacy business (i.e., acquisition of eBiosciences) as plausible, we still do not see an easy fix or clear path to avoid the headwinds of a declining legacy business, particularly against the backdrop of a cost conscious funding environment, while a significant portion of the current business (~30%, even after the addition of eBioscience) remains at risk longer-term, in our view. That said, with the company trading at or below current book value, we feel that there is limited downside (or upside) at current levels, and are upgrading to Neutral from Underweight." Shares of Afftmetrix are trading at $4.29, up 2.39% from yesterday's close.