Illumina downgraded to Hold from Buy at Canaccord

Canaccord downgraded Illumina to Hold from Buy with a price target of $120, down from $210. The analyst says the company’s near-term outlook “appears soft amid Grail merger noise.” Illumina reported Q3 results that were below guidance and consensus estimates, as it placed 97 NovaSeq X instruments, below expectations, the analyst tells investors in a research note. The firm says .the decrease in placement expectations is “relatively alarming” after a seemingly strong start to the launch of a product. Canaccord believes the outlook and Grail merger noise could limit share price appreciation in the relative near term.