Deutsche Bank Maintains ILMN's Buy Rating

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.