Analyst Michael Ryskin from Bank of America Securities maintained a Sell rating on Illumina (ILMN – Research Report) and keeping the price target at $90.00.
Michael Ryskin has given his Sell rating due to a combination of factors surrounding Illumina’s competitive position in the market. One major concern is the recent launch of Roche’s novel NGS platform, which is seen as a significant competitive threat to Illumina. This platform offers potential advantages in accuracy, cost, and speed, which could attract customers away from Illumina’s offerings.
Furthermore, the price of Roche’s platform is anticipated to be highly competitive, potentially leading to a loss of market share for Illumina. While there are still uncertainties regarding the final cost and data from Roche’s platform, the perception of its capabilities has already raised concerns about Illumina’s future performance. These challenges, combined with existing market and structural pressures, contribute to the Sell rating on Illumina’s stock.
Ryskin covers the Healthcare sector, focusing on stocks such as Danaher, Illumina, and Agilent. According to TipRanks, Ryskin has an average return of -0.3% and a 45.75% success rate on recommended stocks.
In another report released on February 10, Barclays also downgraded the stock to a Sell with a $100.00 price target.