Illumina price target lowered to $195 from $200 at Evercore ISI

Evercore ISI lowered the firm’s price target on Illumina to $195 from $200 and keeps an Outperform rating on the shares after the company reported a headline revenue beat, gross margin beat and reiterated its fiscal year guidance. On the surface, “these numbers seem inline to a tad better,” but “we think the underlying paints a vastly different picture that is constructive,” the analyst tells investors. The firm sees Illumina “laying the foundations for a strong FY25, brick by brick,” the analyst added in an earnings recap note.