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Baird Downgrades Illumina

Baird downgrades gene expression product company Illumina Inc. (ILMN) to neutral from outperform.

Analyst Aaron Geist says he downgrades on valuation. He says the company is on track to see revenue contributions from the launch of human whole-genome gene expression products.

Also, the company plans the launch of its Infinium whole-genome genotyping chips in a few weeks. While catalysts for the stock could come from stronger-than-expected traction of new products, he doesn't see additional catalysts until the company has 1 to 2 quarters of performance under its belt.

Geist maintains his 2005 and 2006 estimates as the company continues to pursue opportunities in the genotyping and gene expression market. He keeps his $11 target.

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