Illumina To Bear The Brunt Of Slowdown In Consumables Purchasing Amid Lower Demand In China: Analyst
Portfolio Pulse from Nabaparna Bhattacharya
Stifel analyst Daniel Arias has reiterated a Buy rating on Illumina, Inc (NASDAQ:ILMN), but lowered the price target to $225 from $265. This comes after Illumina reported better-than-expected Q2 results, with revenue of $1.18 billion, up 1% Y/Y. However, Arias has reduced Q3 revenue estimates to $1.13 billion from $1.16 billion due to slowdown in consumables purchasing amid lower demand in China and instrument transition issues.
August 10, 2023 | 5:55 pm
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Illumina's stock price may face pressure in the short term due to lowered price target and Q3 revenue estimates by Stifel analyst. The slowdown in consumables purchasing and lower demand in China are key factors.
The lowered price target and Q3 revenue estimates by Stifel analyst indicate potential challenges for Illumina. The slowdown in consumables purchasing and lower demand in China could negatively impact the company's financial performance, which may put downward pressure on the stock price in the short term.
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