Piper Jaffray Remains Bullish on Illumina (ILMN) Following EPS Beat
Piper Jaffray reiterated an Overweight rating and $230.00 price target on Illumina (NASDAQ: ILMN) following 2Q15. revenue increased 20.5% to $539.4M, but came in below Street's expectations of $542.1M. EPS was $0.80, higher than consensus' $0.77. Management raised EPS guidance to $3.39-$3.45 (was $3.36-$3.42).
Analyst William Quirk commented, "Illumina's 2Q15 revenue increased 20.5% to $539.4M below consensus expectations (Street: $542.1M, PJC: $542.0M). HiSeq X placements were lower in the quarter, offset by strong HiSeq 2500 & 3000/4000 installs, in-line with our diligence. EPS was $0.80, higher than consensus' $0.77 and our $0.78 estimate. Management reiterated guidance of ~20% revenue growth (~$2,234M), but raised EPS expectations to $3.39- $3.45 (was $3.36-$3.42). Given clinical and research market trends remain on-track, solid NIPT growth as well as expectations of strong consumable demand 2H15, we remain Overweight with a $230 price target."
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Shares of Illumina closed at $237.54 yesterday.