UPDATE: J.P. Morgan Lowers PT on Illumina to $44

J.P. Morgan is out with its report today on Illumina (NASDAQ: ILMN), lowering its PT from $67 to $44.

In its report, J.P. Morgan writes, "Illumina's pre- announced Q3 revenue came as a significant disappointment following reduced guidance given with Q2 (which was rescinded). While it is clear that it was primarily company-specific and already known issues that drove the $40M (15%) miss, weak academic spending continues to be a major investment theme. Given the uncertain environment, we look for more color from research institutions at the ASHG/ICHG conference next week in Montreal. Our 2012 estimate goes to $1.44 and we lower our Dec. 2012 price target to $44."

J.P. Morgan maintains Overweight on ILMN.

At the time of posting, shares of ILMN were trading pre-market at $28.55, down 28.50% from Thursday's close.