Evercore ISI added Illumina to the firm’s “Tactical Outperform” list as the firm expects a new CEO will be named in the upcoming weeks or months and contends that “new CEOs can be powerful catalysts for turnarounds.” The firm acknowledges potential new CEO will be facing a challenging macro environment, but believes “this has been accounted for by the stock,” the analyst tells investors. Evercore has an Outperform rating and $240 price target on Illumina shares.
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