Cantor Fitzgerald Cuts Price Target on Illumina (ILMN); Roche Walks

Cantor Fitzgerald maintains a 'Hold' on Illumina (NASDAQ: ILMN) price target lowered from $51 to $40.

Analyst, Sung Ji Nam, said, "We are lowering our price target to $40, representing 27x P/E to our 2012 EPS estimate, which is in-line with the average
P/E of high-growth companies in diagnostics and medical technology sectors
with similar growth profiles...Although we saw Roche's willingness to pay at least $51/share for ILMN, we think ILMN represents a unique value proposition for Roche (vs. for other large pharmaceutical and diagnostic companies incl. Siemens (NYSE: SI), Abbott (NYSE: ABT), Danaher (NYSE: DHR), etc.), and it is uncertain whether Roche may return with another offer down the road, in our view. We watch closely for the evolution of competitive dynamics in NGS (incl. LIFE, Oxford Nanopore, etc.), demand elasticity in the academic research market for NGS, and the rate of penetration into the diagnostic market."

For an analyst ratings summary and ratings history on Illumina click here. For more ratings news on Illumina click here.

Shares of Illumina closed at $44.51 yesterday.

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