NEW YORK (TheStreet) -- Illumina (ILMN - Get Report) has been upgraded to "buy" from "hold" with a $205 price target, Maxim Group said Wednesday. The firm justified the revision by noting clinical customers are accelerating adoption and the company is seeing better penetration of HiSeq X Ten.
After the bell Tuesday, the company reported net income of 53 cents a share and revenue of $420.78 million over the three months to March. Analysts polled by Thomson Reuters had forecast net income of 44 cents a share and $391.76 million in revenue.
Management said it has increased full-year guidance to 21% to 23% revenue growth and earnings between $2.10 and $2.15 a share. Analysts had forecast 18.2% revenue growth and earnings of $2.05 a share.Must Read: Warren Buffett's 10 Favorite Growth Stocks STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.