Illumina price target lowered to $170 from $230 at HSBC

HSBC lowered the firm’s price target on Illumina to $170 from $230 and keeps a Buy rating on the shares. The challenging macro environment, biotech funding impact, China softness and COVID-19 unwind are headwinds for the diagnostics sector, the analyst tells investors in a research note. However, the firm says multiples have de-rated and it likes players with earnings momentum, namely Biomerieux and Qiagen.