Illumina price target raised to $230 from $210 at BofA

BofA analyst Michael Ryskin raised the firm’s price target on Illumina to $230 from $210 and keeps a Neutral rating on the shares, stating there were "no big surprises" as the company reported Q4 results in-line with preliminary results released on January 10. The Q1 guidance was weaker than expected, but Illumina reiterated its FY23 guidance, noted the firm, which still projects FY23 adjusted EPS of $1.30, but raised its estimates for FY24-25. BofA adds that it thinks shares will remain range-bound as the Grail, NovaSeqX, and FY23 narratives play out.