UBS Maintains a 'Neutral' on Illumina (ILMN); Drama Takes Backseat, Results Slightly Better Than Expected

UBS maintains a 'Neutral' on Illumina (NASDAQ: ILMN) price target lowered from $55 to $48.

Analyst, Daniel Arias, said, "Revenues of $273M (-3% y/y, + 9% q/q) were just above pre-announced levels, while gross margins of 69.0% (+80 bps y/y, -120 bps q/q) & op margins of 26.7% yielded EPS of $0.36 vs. Street $0.32. With Roche gone (for now), ILMN’s call was mild, as the Street re-focused on execution...We remain Neutral on shares, as we believe ILMN looks fairly valued against the current market backdrop." (UBS raises FY12 EPS estimate from $1.44 to $1.48 and maintains FY13 at $1.63)

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 $43.90 yesterday.

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