Ride This Biotech’s Powerful Bull Trend

by Sam Collins | May 3, 2013 1:37 am

Illumina (NASDAQ:ILMN[1]) — This company develops, manufactures and markets life science tools and integrated systems for the analysis of genetic variation and biological function. The stock was included in our Top 6 Stocks to Buy for May[2].

Credit Suisse raised its price target to $72 from $59 after the company reported first-quarter earnings of $0.46 versus a consensus estimate of $0.38. The Credit Suisse analyst said, “We reiterate our outperform rating and consider ILMN our top pick.”

Technically, the stock is in a powerful bull trend and recently broke to new highs on a breakaway gap from a bullish “W” pattern. On Thursday, it jumped to a 20-month high and is under heavy accumulation. Its short-term trading target is $70, but longer term look for $72-$80.

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Source URL: https://investorplace.com/2013/05/trade-of-the-day-illumina-nasdaq-ilmn/

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