Barclays lowered the firm’s price target on Illumina to $50 from $100 and keeps an Underweight rating on the shares. The firm pointed out in a research note on Friday that NovaX demand was the only lever available to save the year and 2024 outlook, and that lever doesn’t appear to work. NovaX orders were 50% of placements and Illumina does not have enough backlog to satisfy management’s new guidance for the year, Barclays added.
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