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Baird Ups Opinion on Affymetrix

Robert W. Baird raised its investment opinion on Affymetrix (AFFX) to neutral from underperform, citing the stock's valuation.

Analyst Aaron Geist said the company prereleased negative third quarter revenue guidance: management expects $10 million to $12 million less product/product-related revenue. He believes the shortfall is attributable to the delayed commercial release of its 500K SNP chip. He also noted that the company said it doesn't expect to be able to make up revenue shortfall the fourth quarter, also that the close of the ParAllele acquisition will slip into the fourth quarter. He cut his pro forma third quarter earnings per share estimate to 10 cents from 18 cents, his 2005 estimate to 90 cents from $1.10, and his 2006 estimate to $1.10 from $1.19. He cut his price target to $44 from $48.

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