Illumina price target lowered to $100 from $136 at Morgan Stanley

Morgan Stanley analyst Tejas Savant lowered the firm’s price target on Illumina (ILMN) to $100 from $136 and keeps an Equal Weight rating on the shares. Q1 results were in line on better than expected instrument performance, which offset soft research consumables, the analyst tells investors. While valuation “isn’t demanding,” revised guidance reflects worsening of the academic end market and visibility on top-line reacceleration is key to upside, the analyst tells investors.