RBC Capital lowered the firm’s price target on Illumina (ILMN) to $124 from $126 and keeps an Outperform rating on the shares as part of a broader research note on the Life Sciences Tools and Diagnostics sector. The firm is updating its model with “more realistic” multiples, the analyst tells investors in a research note. September isn’t a great month to own healthcare, and with a rebound still 2-3 quarters away, this isn’t the time to broadly own the sector, RBC added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ILMN:
- Cathie Wood Buys Deere Stock (DE) on Post-Earnings Dip, Builds Stakes in Exact Sciences and Robinhood Stocks
- Icahn exits Illumina, Dana; boosts stakes in CVR Energy
- Illumina downgraded to Neutral from Outperform at Daiwa
- Illumina price target raised to $105 from $100 at Morgan Stanley
- Illumina price target raised to $110 from $105 at Stephens