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Biotech / Medical : Biotechnology & Drugs -- Ignore unavailable to you. Want to Upgrade?

To: 2MAR$ who wrote (220)	2/28/2004 4:47:33 PM
From: 2MAR$	Read Replies (1) \| Respond to of 232

**1/28 AFFX ($27~$33 )beats by $0.02; guides Y04 revs above consensus (AFFX) 27.13 -1.36: Reports Q4 (Dec) earnings of $0.26 per share, $0.02 better than the Reuters Research consensus of $0.24; revenues rose 22.4% year/year to $85.3 mln vs the $87.3 mln consensus. Co sees Y04 (Dec) revenues of approx $345-350 mln, Reuters consensus is $340 mln. AFFX target raised to $40 from $31 at UBS 27.13: UBS raises its target on Affymetrix (AFFX) to $40 from $31 after the co reported last night. Product and product related revenues were strong, up 20% q/q and up 22% y/y. Driving product revenues were record instrument sales, and solid microarray and reagent revenues. New DNA analysis products did particularly well in the quarter, which is a good indicator for the future. Also, the firm believes the co's guidance is conservative given that 1) the outlook for customer spending on life sciences tools has improved, 2) the co will launch additional new products in 2004 and is now in the middle of an upgrade cycle of its core product line, and 3) there is the likelihood of a major strategic healthcare partnership in 2004. The stock is trading at a 1.1x PEG multiple, which is below the current life sciences tool group average of 1.6x.