Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Baird Upgrades Affymetrix to Outperform


Affymetrix (AFFX) raised its 50 cents 2004 earnings per share estimate to 60 cents after amending a license pact. Baird upgraded the stock on the news.

Analyst Aaron Geist says he's upgrading to outperform from neutral following the company's royalty payout agreement with Oxford Gene Technology for patents related to producing microarrays. He believes this development is positive and will bring improved profitability. He notes Affymetrix will pay Oxford a total payout of $62.5 million; without the associated expense, Affymetrix upped its 2004 EPS guidance to 60 cents.

Geist sees less risk to estimates, thinks upside potential outweighs downside risk, and recommends purchase with a $34 price target (up from his former $30 target). He increased his 49 cents 2004 EPS estimate to 60 cents, and 98 cents 2005 forecast to $1.13.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus