The firm raised the company's price target to $170 from $125.
Illumina shares were up 2.0% to $159.05 in early trading Wednesday.
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Macquarie sees Illumina as the top dog in DNA sequencing and doesn't see any competition for that distinction in the near term.
"ILMN is the leading player in the DNA sequencing market and we see little in the way of competitive threats that is likely to alter its position." Macquarie said. "ILMN is a growth and momentum stock and, as such, carries greater risks; however, we think that investors are likely to continue to pay a premium for its current and future growth potential."
TheStreet Ratings team rates ILLUMINA INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate ILLUMINA INC (ILMN) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."