NEW YORK (TheStreet) -- Shares of Illumina Inc (ILMN - Get Report) are soaring, up 8.83% to $179 in early market trading Tuesday, after the company was upgraded to "buy" from "neutral" with a higher price target of $192 from $165 at Janney Capital.

Anlaysts at the firm cited the company's third quarter earnings beat over analyst estimates for the raise in rating.

Janney Capital also said its checks indicated that Illumina's next generation sequencing competition remains sidelined as the company's competition focuses on diagnostics.

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The San Diego, CA-based Illumina is a developer and manufacturer of life science tools and integrated systems.

Separately, TheStreet Ratings team rates ILLUMINA INC as a Buy with a ratings score of B-. 

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