Illumina initiated with bullish view at Stephens, here’s why

Stephens initiated coverage of Illumina with an Overweight rating and $170 price target. The analyst says the case to be long shares is compelling when taking a longer-term view despite the company’s moderated fiscal 2024 growth and noise around Grail. Illumina remains well positioned within next generation sequencing, offering the most complete portfolio, the analyst tells investors in a research note. The firm believes Illumina is positioned for growth acceleration in coming years.