Auriga Reiterates a 'Buy' on Illumina (ILMN); Great Quarter and Solid Guidance Run Head on Into Even Greater Expectations

Auriga reiterates a 'Buy' on Illumina (NASDAQ: ILMN) price target of $75.00.

Auriga analyst says, "Illumina reported 2Q11 revenues of $287.5MM/$0.38 ahead of our $255MM/$0.29 and consensus of $261MM/$0.31. Revenue was driven by stronger than expected consumable sales (+7% sequentially) as pull through from both sequencers and microarrays drove upside. Instrument sales declined 7% sequentially as HiSeq shipments caught up with demand. Management increased 2011 revenue guidance to 24% to 26%, versus the prior approximately 20%. However, guidance came in below very high street expectations and suggests a flattening 2H growth profile...We are lowering our GAAP 2011 numbers from $1,131MM/$1.23 to $1,151MM/$0.76 driven primarily by the top-line beat and higher GAAP expenses related to relocation of headquarters and debt retirement."

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

Shares of Illumina closed at $69.65 yesterday.

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