Robertson Stephens Upgrades AFFX to a Strong Buy
Rating
SAN FRANCISCO--(BUSINESS WIRE)--Oct. 29, 1999--Robertson Stephens Senior
Biotechnology Analyst Michael G. King Jr. today upgraded Affymetrix (NASDAQ:AFFX -
news) to a Strong Buy rating from a Buy. Affymetrix is one of the world's leading genomics
companies and the developer of the GeneChip© genetic microarray system.
``We are upgrading Affymetrix to a Strong Buy rating from a Buy,' said King. ``Shares of Affymetrix have been weak over the
last several days, in our opinion, due to a variety of specious concerns, including competition, patents and insider selling. While
each of these concerns has a basis in legitimate sources, the degree to which they have been extrapolated in unjustified, in our
view. We are more than comfortable with the company's position on each of these fronts.'
``We maintain that Affymetrix' market-dominant position is secure based on several reasons, including its strong intellectual
property portfolio, broad-product offering and numerous-customer relationships,' said King. ``We continue to view Affymetrix
as one of the most exciting `hardware' plays in the biotech industry due to its critical involvement in the genomics revolution.
Fundamentally, the company is in the best shape it has ever been, and we expect fundamentals to improve going forward.'
``We believe the recent-price weakness has created an outstanding buying opportunity, and we are reiterating our 12-month
price target of $138 per share,' said King.
Clients interested in receiving more information should contact their salesperson at (415) 781-9700.
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