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Biotech / Medical : Analysts and Calls - JP Morgan
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To: tuck who started this subject4/3/2003 5:50:27 PM
From: tuck   of 3
 
[Chris Shibutani]

From S&P via BusinessWeek on March 19th:

>>J.P. Morgan Lowers Affymetrix to 'Neutral'
Analyst Chris Shibutani cited high valuation for the diagnostic product maker, amid uncertainity over pharmaceutical spending. J.P. Morgan downgraded Affymetrix (AFFX ) to neutral from overweight.

Analyst Chris Shibutani says Affymetrix has risen 39% since the company reported fourth quarter earnings on Jan. 29; the Nasdaq Biotech Index and the S&P 500 rose 1.5% and 0.1% respectively, and the peer group of life science tool companies fell 0.4% on average. Shibutani says Affymetrix is trading in line with peers: the P/E-growth ratio of 0.8 times his 88 cents 2004 earnings per share estimate. He maintains his neutral outlook on the life science tool sector given uncertainties over pharmaceutical/biotech spending, weakness in Europe and Japan, and the delayed fiscal 2003 National Institute of Health budget. He says Affymetrix remains one of his favorites in his coverage, and says his outlook for fundamentals are unchanged.<<

This was the first warning about AFFX's possible miss; thanks Mr. Shibutani!

It was later given a more focused downgrade by some outfit called ThinkEquity:

Message 18760795

And Ralf reenforced my idea of selling AFFX from Trickle and even shorting it on BSCP.

Thanks to them, too.

Cheers, Tuck
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