Illumina price target lowered to $140 from $170 at BofA

BofA analyst Michael Ryskin lowered the firm’s price target on Illumina to $140 from $170 and keeps a Neutral rating on the shares after the company reported Q3 results, cut its FY23 outlook “again” and while not formally providing guidance, openly stated that 2024 will “look very similar to 2023,” which the firm calls “even more worrying.” The company noted it is undergoing a comprehensive review of the business and will lay out new long-term targets in 2024 and the firm reiterates its Neutral while it is “eagerly awaiting the results of this review.”