At an investor conference on Monday, Illumina provided initial 2023 guidance significantly below expectations, with consolidated operating margins of 8% coming in below consensus of 12.4% and earnings per share guidance of $1.25-1$.50 well below the consensus estimate of $3.05, Citi analyst Patrick Donnelly tells investors in a research note. The analyst says he remains focused on the company’s "deteriorating earnings power." He expects Illumina’s first half of 2023 "to be particularly soft." Donnelly keeps a Sell rating on the shares with a $180 price target.
Published first on TheFly
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