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J.P. Morgan is out with its report today on Illumina
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pre- announced Q3 revenue came as a significant disappointment following reduced guidance given with Q2 (which was rescinded).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.
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