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Citigroup Initiates Coverage of Illumina with 'Hold' Rating

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Citigroup has initiated coverage of Illumina with a "hold" rating on its stock and a price target of $52.

The bank said that its rating is based on Illumina's valuation relative to peers and added that its year-to-date stock performance, which is up nearly 50 percent, reflects the firm's positive growth prospects for its sequencing business but may not fairly discount the risk from its competitors.

Citigroup placed a 2010 earnings-per-share estimate on Illumina of $1, equal to analysts' consensus estimate.

In Wednesday afternoon trade on the Nasdaq, shares of Illumina were up 1 percent at $43.95.

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