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.