Illumina price target raised to $303 from $284 at RBC Capital

RBC Capital analyst Conor McNamara raised the firm’s price target on Illumina to $303 from $284 and keeps an Outperform rating on the shares after its Q4 results and guidance. The company enters 2023 after a year of declining revenue and profitability and no answer from the FTC on the future of the Grail acquisition, the analyst tells investors in a research note. The firm remains positive on the name however and contends 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.