Wedbush Maintains ILMN Outperform Rating

Wedbush has issued a report reiterating the Outperform Rating of Illumina ILMN. Wedbush writes, "Shares likely to regain mojo over the remainder of 2011, in our opinion. Reaffirming OUTPERFORM. ILMN currently trades at a premium to the peer group on most metrics including PE (43x vs 18x), PEG (1.4x vs 1.3x), and EV/Sales (6.9x vs 2.1x). Our $75 12-18 month price target is based on a 2011E EV/Sales multiple of 8.5x and PEG of 1.7x. We believe our higher EV/sales multiple is reasonable given the company's continually fierce pace of innovation and increasing dominance in sequencing which remains in its early innings." Illumina has a $75 PT and traded at $62.11 yesterday at closing.