Scotiabank downgraded Illumina (ILMN) to Sector Perform from Outperform with a price target of $125, down from $164. The firm awaits more clarity around company-specific macro factors before again recommending the shares. Scotiabank models “conservative assumptions” for Illumina in 2026 given the current ban on the company’s sequencers in China and its relatively higher exposure to the U.S. academic and government segment.
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