Argus analyst Jasper Hellweg downgraded Illumina to Hold from Buy. The stock has fallen as investors noted the slowing pace of the company’s sales and based on the perceptions that the shifting nature of the pandemic may lead to lower revenue from COVID-related activities, the analyst tells investors in a research note. Argus adds however that despite the falling margins and worsening outlook, Illumina shares remain at a lofty valuation, currently trading at 86-times the firm’s 2023 estimate.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on ILMN:
- Illumina price target lowered to $300 from $330 at Canaccord
- Illumina to face EU fine of 10% of turnover due to Grail deal, Reuter says
- Illumina facing EU fine of 10% turnover over Grail deal, Reuters says
- Illumina Lower after Negative FY23 Outlook
- Illumina price target lowered to $210 from $220 at BofA
