Illumina price target lowered to $140 from $150 at Canaccord

Canaccord lowered the firm’s price target on Illumina (ILMN) to $140 from $150 and keeps a Hold rating on the shares. The firm said the target decrease is driven by reduced revenue in the out years of our 10-year DCF model given increasing competition within high-throughput sequencing. They noted the company reported Q1 results that were ahead of guidance.