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ABI Shares Slide 5.5 Percent After Bank Downgrades Stock; Lackluster Organic Revenue Growth Cited

NEW YORK, May 24 (GenomeWeb News) - Shares in Applied Biosystems were down 5.48 percent, or $1.24, at $21.37 in late-afternoon trading today after an investment bank downgraded the stock.

 

UBS downgraded the stock to 'Reduce' from 'Neutral' this morning. The bank said that "given lackluster organic revenue growth, increasing competition, and our view that transforming M&A choices may be limited, we do not believe ABI shares should trade at a premium to the group multiple at this time," according to a Reuters report.

 

UBS stressed that ABI "remains an important brand name in the life sciences sector."

The Scan

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