JP Morgan Recaps 2Q for Illumina Inc

J.P. Morgan has published a research report on Illumina Inc ILMN recapping 2Q results. In the report, J.P. Morgan wrote, "Expectations were high heading into 2Q results, and while there was a lot to like in the quarter, including 36% revenue growth, healthy sequencing demand (+36%), a recovery in arrays (+10%) and record operating margins (36%), below consensus guidance for the year (24-26% vs. the Street at 28%) is likely to result in some stock volatility. Nonetheless, we remain confident in the outlook, noting continued strong demand for HiSeq, strong indications of interest in MiSeq (135 systems in backlog), unparalleled growth within the tools space, and what we view as largely conservative guidance heading into 2H. With that in mind, we would view any weakness as a buying opportunity, as we maintain our Overweight rating and Dec. 2011 price target of $80." J.P. Morgan rated Illumina an Overweight with a price target of $80.00. Illumina closed Tuesday at $69.95.