As previously reported, Wolfe Research initiated coverage of Illumina with an Outperform rating and $175 price target. The firm sees three steps to unlocking “material upside,” namely for Illumina to divest GRAIL ASAP, to demonstrate elasticity and market capacity are “alive and well,” and to bring “Agilent-like disciple to the company via the new CEO.” Executing on such a plan should drive shares to $150-$200, the analyst argues.
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