Citi analyst Patrick Donnelly lowered the firm’s price target on Illumina to $150 from $180 and keeps a Sell rating on the shares. The company lowered 2023 guidance for consolidated revenue to 1% as it continues to face headwinds stemming from broad-based biopharma weakness, a sharper decline in NovaSeq 6000 consumables revenue than anticipated, and pricing pressures in China due to geopolitical pressures and increased competitive activity, the analyst tells investors in a research note. Citi expects continued pressure on Illumina’s consumables growth and margins.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on ILMN:
- Illumina names Dr. Steven Barnard as Chief Technology Officer
- Illumina sees customers ‘more cautious in their purchasing’ in 2H23
- Illumina Reports Financial Results for Second Quarter of Fiscal Year 2023
- Illumina cuts FY23 adjusted EPS view to 75c-90c from $1.25-$1.50
- Illumina reports Q2 adjusted EPS 32c, consensus 2c