S&P Equity Research Downgrades Affymetrix (AFFX) to Hold
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S&P Equity Research downgrades Affymetrix (Nasdaq: AFFX) from Buy to Hold.
S&P analyst, J. Loo, says, "AFFX now sees Q1 sales of $170M inclusive of $90M patent payment from Illumina (Nasdaq: ILMN) and reduces '08 guidance to $490-$510M from $505-$525M on lower research spending by pharma and industrial end-users. We expected some slowdown in end-markets, but we believed AFFX could sustain steady sales progress with new products, but now see the company making price cuts to retain end-users. We lower our '08 sales forecast to $390M from $420M (excluding $90M patent payment), EPS est. to $0.41 from $0.62, and cut target price by $15 to $15 on revised DCF."
Affymetrix, Inc. is engaged in the development, manufacture, sale and service of consumables and systems for genetic analysis in the life sciences and clinical healthcare markets.[SM]
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