Illumina price target lowered to $200 from $225 at Stifel

Stifel lowered the firm’s price target on Illumina to $200 from $225 and keeps a Buy rating on the shares following a survey of 63 labs to assess the “rapidly evolving sequencing market.” The firm has trimmed its FY24 estimates on consumables spending expectations and admits that “owning the stock remains a slog.” However, at current levels, there exists good return potential once a “core ILMN” case eventually comes into focus, the analyst argues.