Deutsche Bank reports that Illumina ILMN will remain at a Buy Rating after its announcement to raise $800 million of convertible Senior Notes by 2016.
The report stated, "We believe that today's announcement is a positive for the stock, given that some investors had viewed the increased share count as a negative… In conclusion, we believe today's transactions to be accretive by approximately $0.10 to FY12 EPS, and we reiterate our Buy rating of ILMN shares given its market leading position in high growth genomic analysis markets."
Illumia closed at $64.27 yesterday and has a $79.50 PT.
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