UPDATE: Citigroup Reiterates Illumina at Neutral on Valuation

Citigroup maintained Illumina ILMN at Neutral with a $51 price target. Citigroup commented, "We expect the stock to be under pressure today as investors question the deal valuation/near-term $0.20 EPS dilution of the Verinata deal, the longer term impact of ILMN competing with its own customers (i.e., SQNM), and the level (if any) of Roche takeout premium to still ascribe to the stock. We remain on the sidelines on ILMN stock given the stock's current multiple and level of investment required/EPS power for the company in 2013." Illumina closed at $54.76 on Friday.