Citi lowered the firm’s price target on Illumina (ILMN) to $90 from $130 and keeps a Neutral rating on the shares. The firm also placed the shares on a “90-day negative catalyst watch.” Illumina is “facing multiple headwinds given recent developments,” the analyst tells investors in a research note. The firm says the company was placed on China’s “unreliable entities” list earlier this year, in China’s response against new U.S. tariffs. China represents 7% of total revenue and remains an important market for Illumina, contends Citi.
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