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Affymetrix (NASDAQ:AFFX)‘s stock had its “outperform” rating restated by Zacks in a research report issued on Friday, ARN reports. They currently have a $8.50 price objective on the stock. Zacks‘ target price points to a potential upside of 20.57% from the company’s current price.

Zacks‘ analyst wrote, “Affymetrix posted adjusted earnings of $0.02 for the 2013-fourth quarter compared with a loss of $0.02 in the same quarter of 2012. However, earnings per share missed the Zacks Consensus Estimate by $0.05. It was the third consecutive quarter in which Affymetrix was able to maintain its earnings momentum. The company had been posting losses since the first quarter of 2011, until it reported earnings in the 2013-second quarter. The company’s restructuring plan to focus on high growth markets is finally paying off as demonstrated by the bottom line growth in the quarter. Despite a tight academic funding environment, new products, acquisitions along with accretive agreements should propel growth. Additionally, the company’s debt reduction efforts are strengthening its balance sheet. As such, we continue with our Outperform recommendation and set a target of $8.50.”

Affymetrix (NASDAQ:AFFX) traded up 1.56% on Friday, hitting $7.16. The stock had a trading volume of 2,549,184 shares. Affymetrix has a 1-year low of $3.22 and a 1-year high of $9.80. The stock’s 50-day moving average is $8.9 and its 200-day moving average is $7.05. The company’s market cap is $514.9 million.

Affymetrix (NASDAQ:AFFX) last released its earnings data on Wednesday, February 5th. The company reported $0.02 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.07 by $0.05. The company had revenue of $92.60 million for the quarter, compared to the consensus estimate of $89.98 million. During the same quarter in the previous year, the company posted ($0.02) earnings per share. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, analysts predict that Affymetrix will post $0.15 earnings per share for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at UBS AG raised their price target on shares of Affymetrix from $7.00 to $9.00 in a research note to investors on Thursday. They now have a “neutral” rating on the stock. Separately, analysts at Maxim Group raised their price target on shares of Affymetrix from $9.00 to $11.00 in a research note to investors on Tuesday, January 7th. They now have a “buy” rating on the stock. Finally, analysts at Morgan Stanley downgraded shares of Affymetrix from an “equal weight” rating to an “underweight” rating in a research note to investors on Monday, January 6th. They now have a $7.20 price target on the stock. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $8.62.

Affymetrix, Inc (NASDAQ:AFFX) is engaged in the development, manufacture, sale and service of consumables and systems for genetic analysis in the life sciences and clinical healthcare markets.

To view Zacks’ full report, visit www.zacks.com

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