Wedbush Slashes Price Target on Illumina (ILMN) by 55% Following New Outlook
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Price: $193.14 --0%
Rating Summary:
18 Buy, 20 Hold, 6 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 4 | Down: 8 | New: 13
Rating Summary:
18 Buy, 20 Hold, 6 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 4 | Down: 8 | New: 13
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Wedbush is reaffirming its Outperform rating on shares of Illumina (NASDAQ: ILMN) while slashing its price target from $78 to $35.
Yesterday, ILMN pre-announced Q3 sales of $235 million, roughly $43 million below the consensus, and suspended its full-year guidance.
The firm reported that the miss was largely due to "uncertainty surrounding research funding in the US and EU resulted in purchasing delays, particularly among large volume centers. Additionally, the V3 sequencing kits launched in Q2 created excess capacity and fewer runs in Q3."
Wedbush called the new outlook "disturbing" following the recent raise in guidance, but highlighted that ILMN is being more aggressive on MiSeq, which is inline with expectations.
The firm has cut its FY11 and FY12 EPS estimates from $1.47 and $1.65 to $1.30 and $1.40. Wedbush also reduced its revenue guidance for the two years from $1.14 billion and $1.32 billion to $1.1 billion and $1.15 billion.
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.
Yesterday, ILMN pre-announced Q3 sales of $235 million, roughly $43 million below the consensus, and suspended its full-year guidance.
The firm reported that the miss was largely due to "uncertainty surrounding research funding in the US and EU resulted in purchasing delays, particularly among large volume centers. Additionally, the V3 sequencing kits launched in Q2 created excess capacity and fewer runs in Q3."
Wedbush called the new outlook "disturbing" following the recent raise in guidance, but highlighted that ILMN is being more aggressive on MiSeq, which is inline with expectations.
The firm has cut its FY11 and FY12 EPS estimates from $1.47 and $1.65 to $1.30 and $1.40. Wedbush also reduced its revenue guidance for the two years from $1.14 billion and $1.32 billion to $1.1 billion and $1.15 billion.
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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