RBC Capital analyst Conor McNamara lowered the firm’s price target on Illumina to $258 from $260 but keeps an Outperform rating on the shares. The firm is adjusting its model after the company announced plans to divest Grail. RBC adds however that Illumina’s current stock price over-discounts the likelihood of share erosion from smaller competitors, and does not factor in years of R&D spend and product innovation that the company has invested in the next-gen sequencing market, which represents a company projected $120B total addressable market.
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