Oppenheimer Maintains Outperform, $58 PT on Life Technologies

Oppenheimer reiterates its Outperform rating and $58 price target on Life Technologies

as the company announces $1k genome. Early this morning LIFE announced the pending launch of the Ion Proton Sequencer. Based on the technology underpinning the Ion Torrent, the Ion Proton will be able to sequence a genome in one day for $1,000. LIFE will strategically target ILMN's core HiSeq markets; genomic centers, mid size labs, cores and centralized testing labs. At $149,000 per box and the ability to produce $1k genome in a day, the system's general specifications present a compelling product offering. Orders have commenced and LIFE intends to launch the Ion Proton I Chip in mid 2012, followed by the Ion Proton II Chip 6 months later." LIFE closed at $42.65 per share on Monday.