UPDATE: Credit Suisse Raises PT on Illumina on Great 1Q 2013 Results

In a report published Tuesday, Credit Suisse analyst Vamil Divan reiterated an Outperform rating on Illumina ILMN, and raised the price target from $59.00 to $72.00. In the report, Divan noted, “ILMN reported a very impressive 1Q 2013 with revenues of $331mn (vs. Credit Suisse $305mn, consensus $311mn) and EPS of $0.46/share (vs. Credit Suisse $0.37, consensus $0.38). We have been bullish on ILMN but see significantly more upside following the strong quarter, especially given the distractions that are naturally going to set in at LIFE (ILMN's key competitor in gene sequencing) as personnel there adjust to their company being acquired by TMO. We increase our 2013/2014/2015 EPS to $1.67/$1.98/$2.49 (from $1.58/$1.94/$2.44) and increase our target price to $72 (from $59). We reiterate our Outperform rating and consider ILMN our top pick.” Illumina closed on Monday at $55.12.