UPDATE: Citi Lowers PT to $32 on Illumina

A report from Citi reiterates its Hold rating and lowers its price target from $44 to $32 on Illumina

. In the report, Citi writes, “Our revised target is based on a revised 20x P/E (from 25x) on our revised 2012 EPS of $1.58. Our multiple is revised downward based on further end market uncertainty combined with the level of the company's growth trajectory now being called into question. We do acknowledge that there could be further revision risk to both our multiple and EPS as details emerge on the performance in the quarter.”. ILMN closed yesterday at $39.93.