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.
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