Deutsche Bank Upgrades Affymetrix (AFFX) to Buy; Risk/Reward Favorable and Transformation Gaining Steam

Deutsche Bank upgraded Affymetrix (NASDAQ: AFFX) from Hold to Buy, price target raised from $4.50 to $7.00.

Deutsche analyst says, "We are upgrading AFFX and raising PT on the back of renewed strategic interest in the genomics market (Roche hostile bid for Illumina (Nasdaq: ILMN)). 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)."

For an analyst ratings summary and ratings history on Affymetrix click here. For more ratings news on Affymetrix click here.

Shares of Affymetrix closed at $4.75 yesterday.

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