Affymetrix Receives “Outperform” Rating from Zacks (AFFX)
Affymetrix (NASDAQ:AFFX)‘s stock had its “outperform” rating reissued by Zacks in a report released on Tuesday. They currently have a $11.00 price objective on the stock. Zacks‘s price target indicates a potential upside of 22.77% from the stock’s previous close.
Zacks’ analyst wrote, “Affymetrix posted a robust 75% rise in adjusted earnings to $0.07 for the 2014-second quarter and topped the Zacks Consensus Estimate by $0.04. It was the fifth consecutive quarter in which Affymetrix was able to maintain its earnings momentum after a period of continued losses. 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 and acquisitions along with accretive agreements should propel growth. As such, we continue with our Outperform recommendation and set a target price of $11.00.”
Shares of Affymetrix (NASDAQ:AFFX) traded down 2.46% on Tuesday, hitting $8.74. The stock had a trading volume of 143,603 shares. Affymetrix has a one year low of $4.80 and a one year high of $9.80. The stock has a 50-day moving average of $8.70 and a 200-day moving average of $8.02. The company’s market cap is $641.3 million.
Affymetrix (NASDAQ:AFFX) last announced its earnings results on Thursday, July 31st. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.04. The company had revenue of $85.40 million for the quarter, compared to the consensus estimate of $83.30 million. During the same quarter in the previous year, the company posted $0.04 earnings per share. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. On average, analysts predict that Affymetrix will post $0.18 earnings per share for the current fiscal year.
Separately, analysts at Leerink Swann raised their price target on shares of Affymetrix from $7.50 to $9.00 in a research note on Friday, August 1st. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $8.81.
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.
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