UPDATE: BTIG Initiates Coverage On Affymetrix, Inc.

In a note released Thursday, BTIG analyst Dane Leone initiated coverage of Affymetrix, Inc. (NASDAQ: AFFX) with a Neutral rating and a near-term trading range of $7.50 to $10.

Leone commented, "In our view, solid execution by the management team has moved AFFX from being a ‘Distressed asset' to a ‘Value stock'." Leone added, "positive sales revisions on upcoming quarterly results may help push the stock towards the higher end of our expected near term trading range."

As potential positive for the stock, Leone is looking for Affymetrix's management to achieve a 4 percent CAGR and mid-to-high single-digit EBITDA CAGR over the next several years. However, Leone remains concerned about the possibility for management to expand the company's EBITDA.