Illumina price target lowered to $210 from $220 at BofA

BofA analyst Michael Ryskin lowered the firm’s price target on Illumina to $210 from $220 and keeps a Neutral rating on the shares after the company released preliminary Q4 revenues were roughly in-line with expectations and gave initial 2023 guidance that came in "well-below across the board." Illumina expects 2023 revenue growth of 7%-10% for $4.9B-$5.03B in sales and guided adjusted EPS to $1.25-$1.50, which Ryskin notes was more than 50% below the Street’s forecast of $3.00. As surprising as the EPS guide appears, for now he is willing to give Illumina the benefit of a doubt, but he was "left with more questions than answers given the surprising ’23 outlook," Ryskin added.