Deutsche Bank Downgrades Illumina (ILMN) to Hold; 3Q Miss on Weak Funding, Lower HiSeq Upgrades/Consumable Pull-Through

Deutsche Bank downgraded Illumina (NASDAQ: ILMN) from Buy to Hold, price target lowered to $30.00.

Deutsche analyst says, "After the close of markets, ILMN negatively preannounced its 3Q results, and now expects revenues of $235MM vs. ST at $278MM. The company cited weakness in the US and EU academic funding environment, lower consumables pull-through and fewer-than-expected HiSeq 2000. Management also suspended its prior guidance for FY11, and expects 4Q revenues to come in higher sequentially. Given the negative budgetary environment and potential lower consumable pull-through going forward, we are downgrading ILMN."

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

Shares of Illumina closed at $39.93 yesterday.

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