Illumina price target raised to $400 after management meetings at Cowen

Cowen analyst Doug Schenkel raised his price target on Illumina to $400 from $315 following meetings with management. The analyst said the meetings increased his conviction regarding the outlook for roughly 15% sequencing consumable revenue growth. He also said elasticity is good and there is room to further innovate on the NovaSeq platform. Schenkel, who said Illumina seems to be at a positive tipping point, reiterated his Outperform rating on the shares.

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