UPDATE: J.P. Morgan Lowers Illumina's PT

According to a research report published this morning, J.P. Morgan has lowered Illumina's

PT from $70 to $55. J.P. Morgan said in the report, "Following the Q1 pre-announcement, in which ILMN disclosed preliminary revenue assumptions (see our initial take here), full quarterly results offered few surprises, with non-GAAP GMs of 69% roughly in line with our projection (of 69.4%), while non-GAAP EPS of $0.36 exceeded both JPMe (of $0.30) and the Street (at $0.32). With the $51 Roche tender offer now officially expired, however, the focus shifts to execution and visibility in the back half of the year, and to a lesser extent, capital deployment (i.e., $250M buyback announced, continued commentary around M&A)." J.P. Morgan maintains its Overweight rating on Illumina, which closed yesterday at $43.90.