Illumina price target lowered to $150 from $160 at Barclays

Barclays analyst Luke Sergott lowered the firm’s price target on Illumina to $150 from $160 and keeps an Underweight rating on the shares following the Q4 results. The company’s Q1 revenue is expected to decline low-to-mid teens, which puts a lot of pressure on a second half of the year ramp, the analyst tells investors in a research note. The firm continues to believe that the rest of the portfolio needs to accelerate meaningfully to hit guidance, "which is a tough ask" when the competitive environment is unfavorable through 2023.