JP Morgan is taking price target on ILMN to $70
"Last night, Roche (ROG VX, OW, covered by JPM analyst Alexandra Hauber)
announced a hostile, all-cash $44.50 per share tender offer for Illumina (ILMN) that
was described by Roche as “full and fair”. In our view, as with previous Roche hostile
deals (including DNA, VMSI), this offer is likely a starting point, and we think it is
highly unlikely that many investors will tender at a 44% discount to the stock’s 52-
week high. With technology leadership and the potential for open-ended growth,
Illumina remains an extremely attractive asset, and we think the stock is likely to
command a larger premium; we increase our Dec 2012 price target on ILMN to $70."