J.P. Morgan Raises Illumina Price Target To $75 (ILMN)

J.P. Morgan raised its Illumina ILMN price target to $75 from $68 in a research report published today. In the report, J.P. Morgan states, "Coming on the heels of a successful AGBT conference last week, in which ILMN once again had a dominant presence (see our recap note for more details), 4Q results, which had been pre-announced on 1/11, reflected continued strength in the underlying business, offset partially on the bottom line by several factors, including mix from the GAII trade-in program, which weighed on non-GAAP gross margin (65.1%, down 600 bps y/y)." Shares of Illumina were at $69.99 in pre-market trading at the time of posting, down 0.37% from Tuesday's market close.