Canaccord Genuity reiterated a Buy rating and $250.00 price target on Illumina (NASDAQ: ILMN) after the company released preliminary 3Q earnings results. ILMN reported preliminary revenues of ~$550M vs. the Street’s $569M, citing weakness in Asia and Europe and desktop sequencers.

Analyst Mark Massaro commented, "Ahead of the American Society of Human Genetics (ASHG) meeting this week in Baltimore, ILMN pre-announced a Q3 miss and guided Q4 below our/Street's thinking, sending the stock down 15% after hours, citing softness in Europe and Asia and weakness in its desktop analyzer line. While we expect multiple compression and we're disappointed by the news, ILMN did cite strong consumables growth and HiSeq placements above its expectations. We'll update our model and revisit PT following full Q3/15 results on October 20th. Reiterate BUY."

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Shares of Illumina closed at $145.10 yesterday.

Analyst Comments

Illumina's (ILMN) 3Q In-Line with Preliminary Results; Piper Jaffray Remains Bullish October 21, 2015 8:19 AM Mizuho Securities Remains Neutral Following Illumina's (ILMN) 3Q Report October 21, 2015 7:14 AM Illumina (ILMN) Tops Q3 EPS by 1cOctober 20, 2015 4:09 PM Illumina Reports Financial Results for Third Quarter of Fiscal Year 2015October 20, 2015 4:05 PM Trading Radar for 10/20:Verizon (VZ), BNY (BK), Travelers (TRV), Chipotle (CMG), Yahoo! (YHOO), VMware (VMW) ReportOctober 19, 2015 2:15 PM