Illumina just downgraded at BofA, here’s why

BofA downgraded Illumina to Underperform from Neutral with a price target of $100, down from $140. While Illumina maintains its role as the dominant market leader in DNA sequencing, with management’s outlook of “roughly similar” sales in 2024 vs. 2023, Illumina will now have gone through four years of essentially no revenue growth in its core business, despite the launch of the NovaSeqX platform, the analyst tells investors in a research note. The firm argues that the elasticity of demand has dried up, at least for now.