J.P. Morgan Maintains Overweight on Illumina (ILMN)

J.P. Morgan is out with its report today on Illumina ILMN, maintaining Overweight. In a note to clients, J.P. Morgan writes, "Illumina reported another exceptional quarter, with top- and bottom-line results again exceeding JPMe and consensus estimates. Despite the lack of an update on guidance (which, notably, is consistent with precedent set in 1Q10), we expect 2011 and 2012 estimates to continue to rise, with HiSeq momentum unlikely to abate in the near-term, and new products (MiSeq, Omni5.0) serving as catalysts in 2H. With estimates only modestly changed to reflect the quarter, and continued momentum in the core business, we maintain our Overweight rating on shares as well as our December 2011 price target of $80." At the time of posting, shares of ILMN were trading pre-market at $76.45, up 9.11% from Tuesday's close.