Canaccord remains on the sidelines after Illumina launches MiSeq i100 Series

Canaccord reiterates a Hold rating on Illumina shares and maintains a price target of $130 after the company announced the launch of the MiSeq i100 Series of sequencing instruments. Although the firm views the company’s new low-throughput instrument positively, Canaccord is not convinced this relatively minor update will translate to improved financial performance in the near term. Over time, the company should be able to leverage its low-throughput installed base to drive adoption of higher end sequencers. However, it remains to be seen if this strategy will play out, the firm argues. Canaccord remains on the sidelines until the company can return to consistent growth.