UPDATE: Auriga Lowers PT on Illumina to $47

Auriga is out with its report today on Illumina

, lowering its PT to $47. In its report, Auriga writes, "While we had been anticipating some weakness in the quarter given the funding environment, the magnitude of the miss surprised us. Given the preannouncement and suspension of guidance, we are lowering our 2011 and 2012 revenue and EPS estimates as well as our price target, but maintaining our Buy rating due in part to ILMN's leadership position in the next generation DNA sequencing market." At the time of posting, shares of ILMN were trading pre-market at $26.77, down 33.11% from Thursday's close.