Auriga Reiterates a 'Buy' on Illumina (ILMN); Nice Start

Auriga reiterates a 'Buy' on Illumina (NASDAQ: ILMN) price target of $60.00.

Analyst, Peter McDonald, said, "Yesterday, Illumina reported 1Q12 revenue and non-GAAP EPS of $273MM/$0.36, topping consensus and our estimates. Revenue growth continues to be driven by strong consumable pull through (+20% sequential and $299K/per HiSeq), uptake of MiSeq and steady microarray demand. Management reiterated prior 2012 guidance, noting that there remains some funding related uncertainty driving the wide range. We note ILMN has several tailwinds (MiSeq uptake, large installed base, pending product upgrades and a new genome center converting to HiSeq), which when combined with structural changes within large centers, should put the high end of guidance within reach. Given the 2012 outlook and steady underlying trends, we are reiterating our rating."

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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