BofA lowered the firm’s price target on Illumina (ILMN) to $90 from $110 and keeps an Underperform rating on the shares. Shares have fallen 25% over the last two weeks and the stock is currently trading at $100, which is a level that’s previously been a trading floor for Illumina, the analyst tells investors. However, BofA thinks “this time is different” as there’s additional pressures and risk to Illumina and the share price “may not stop at $100,” the analyst added. While Illumina has guided to roughly flat revenues in FY25, this guidance doesn’t contemplate recently announced indirect cost cuts to the NIH, the impact of Illumina reportedly being placed on a blacklist in China and potential competition from Roche (RHHBY) entering the NGS market, the analyst explains.
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