Illumina price target lowered to $109 from $180 at Baird

Baird lowered the firm’s price target on Illumina to $109 from $180 and keeps a Neutral rating on the shares. The firm said they reported 3Q revenue below guidance/Street, but EPS upside as the company also lowered its 2023 outlook. Baird said despite the recent multiple compression, uncertainties around the GRAIL divestment and the company’s balance sheet heading into the divestment/potential fines, and questions regarding the copany’s long-term growth outlook , they remain on the sidelines.