Illumina price target lowered to $160 from $180 at Evercore ISI

Evercore ISI lowered the firm’s price target on Illumina to $160 from $180 and keeps an Outperform rating on the shares after the company reported Q3 results and lowered its FY23 guidance from prior flat revenue for core Illumina to 3%-4% declines, which implies low-single digit declines in Q4. For valuation, the firm is using “a more normalized” FY25 EPS of about $6.50, which assumes teens core Illumina growth off of flat FY24 revenue, which drives its updated price target.