UPDATE: Goldman Sachs Raises PT on Illumina on BaseSpace Thoughts

In a report published Thursday, Goldman Sachs analyst Isaac Ro reiterated a Neutral rating on Illumina (NASDAQ: ILMN), and raised the price target from $59.00 to $64.00.

In the report, Goldman Sachs noted, “We believe BaseSpace is still in its infancy and unlikely to be a material driver of revenue in the near-term. However, we believe the infrastructure and long-term competitive advantages are underappreciated for the following reasons: 1) BaseSpace gives ILMN optimal visibility on customer usage trends which help forecasting and customer targeting. 2) It provides insight on potential quality issues to ensure superior service. 3) Long-term, it will help ILMN establish its platform and accumulated database of genomes as the standard in research and eventually clinical labs.”

Illumina closed on Wednesday at $74.69.