Piper agrees with Icahn, says Illumina base business undervalued

Piper Sandler analyst David Westenberg reiterates an Overweight rating on Illumina with a $290 price target after the Wall Street Journal reported that Carl Icahn is preparing a proxy fight with the company. The analyst agrees with Icahn that the base business of llumina is substantially undervalued and that the removal of Grail would help investors better conceptualize just how strong the base asset is. Piper says Icahn’s primary mission sounds like a Grail divestiture. It thinks investors focusing on the core asset of Illumina without Grail will drive upside to the stock.