UPDATE: Bank of America Reiterates On Affymetrix As Growth/Profitability Improve

In a report published Friday, Bank of America analyst Derik de Bruin reiterated an Underperform rating on Affymetrix (NASDAQ: AFFX), and raised the price target from $7.00 to $7.50.

In the report, Bank of America noted, “Affymetrix is a pioneer in the development and commercialization of DNA microarray technology, but stiff competition, new technologies and shifting customer priorities have resulted in falling revenues and market share loss. The recent management changes are encouraging, but we expect shares to remain volatile and underperform until there is more visibility into the core business, as it is difficult to ascertain the underlying value.”

Affymetrix closed on Thursday at $7.69.