Illumina price target raised to $380 from $350 at Piper Jaffray

Piper Jaffray analyst William Quirk raised his price target for Illumina to $380 and keeps an Overweight rating on the shares. The analyst is now more confident in his projections for the company and moved his earnings multiple to 60 times from 55. He is forecasting overall sequencing spend to increase 22% from $259M in 2018 to $317M in 2019 and 25% to $397M in 2020. Most of the programs are currently focusing on large scale human sequencing, and thus the majority will gravitate to Illumina’s NovaSeq systems, Quirk tells investors in a research note titled “How Sequencing Is Taking Over The World.”
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