Morgan Stanley Increases PT on Illumina to $84, Maintains Overweight (ILMN)

Morgan Stanley increased its price target on Illumina ILMN from $78 to $84. At the same time, it increased its earnings per share estimates for the following three years and left its rating unchanged at Overweight. In a research report published today, Morgan Stanley states, "Our price target rises to $84 from $78, which is 39x our ~11% above consensus 2012 EPS estimate of $2.16. The multiple is unchanged. We are increasing our EPS estimates to $1.53, $2.16, $2.71 from $1.48, $1.98, $2.51 for 2011-2013." In yesterday's trading, Illumina added 0.66% to its value to close the day at $75.23.