UPDATE: Wedbush Lowers Illumina's PT - Illumina (NASDAQ:ILMN)

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According to a research report published this morning, Wedbush has decreased Illumina's (NASDAQ: ILMN) PT from $65 to $52.In the report, Wedbush commented, "With Roche out of the picture, we have reassessed our valuation framework. We are lowering our price target from $65 to $52, which assumes a 2012E EV/sales multiple of 5.5x versus our prior 7.5x multiple, which was based on the price Roche paid for Ventana in 2008. Additionally our $52 price target assumes a 2012E FCF yield of 4.6%, in line with the current diagnostics peer group median."Wedbush maintains its Outperform rating on Illumina, which closed yesterday at $43.90.

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