Company

Bank

Analyst

Coverage

Opinion

Wk chg

7/9 cls

Affymetrix Inc. (NASDAQ:AFFX)

UBS

Derik de Bruin

Price target

Neutral

-35%

$3.80

de Bruin lowered his target to $4.50 from $7 after Affymetrix reported lower than expected preliminary 2Q10 sales revenue of $71-$72M, below the previous guidance of $80-$82M. The company cited slower instrument uptake and a decline in RNA product sales related to the integration of recent acquisitions and realignment of sales territories. de Bruin also lowered his FY10 and FY11 sales estimates to $307M and $326M, respectively, from $339M and $356M (see "Suffering from Austerity," A20).