Auriga Upgrades Illumina (ILMN) to Buy; Pullback Creates Opportunity to Own NGS Leader

Auriga upgraded Illumina (NASDAQ: ILMN) to Buy. PT $75.

Auriga analyst says, "Post-earnings ILMN shares drifted lower as worries about demand within Genome Wide Association Studies (GWAS), a convertible offering, and profit-taking all weighed. Importantly, our checks suggest demand for ILMN's next generation DNA sequencing systems (NGS) remains strong as current and pending projects, and broadening customer base all bode well for continued underlying demand. In turn, ILMN's large installed base and ever-increasing throughput should drive strong consumables pull through in 2011. Given our expectations that the broadening adoption of NGS technology by molecular biologists is a multi-year cycle, we view the current share price as an attractive entry point."

For more ratings news on Illumina click here and for the rating history of Illumina click here.

Shares of Illumina closed at $65.45 yesterday.

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