Illumina price target lowered to $90 from $130 at Bernstein

Bernstein lowered the firm’s price target on Illumina (ILMN) to $90 from $130 and keeps a Market Perform rating on the shares. With tariffs, concerns about NIH and broader academic/government funding, and HHS hits to pharma that have already come and that may still be in the works, the firm believes the recovery in tools isn’t happening the way it hoped it would at the beginning of the year. Measures of the health sector show that these theoretical risks are actually playing out in the numbers, and Bernstein heads into Q1 cautious.