Illumina just upgraded at Citi, here’s why

Citi analyst Patrick Donnelly upgraded Illumina to Neutral from Sell with a price target of $120, up from $85. The analyst sees potential normalization from the consumables ramp in late 2024 and 2025. In addition, the stock’s valuation now screens more reasonable, the analyst tells investors in a research note. Citi is not flipping positive on the Illumina story and still sees significant challenges in 2024 with questions beyond next year. But given the magnitude of the share selloff throughout 2023 with new management in place, it sees “this as a reasonable time to move to the sidelines.”