Illumina price target raised to $85 from $77 at Barclays

Barclays analyst Luke Sergott raised the firm’s price target on Illumina (ILMN) to $85 from $77 and keeps an Underweight rating on the shares as part of a Q2 preview for the life science and diagnostic tools sector. Sentiment on the group is shifting more positive on the notion that many of the unknown headwinds around policy changes, namely National Institutes of Health budgetary cuts and pharma tariffs, are likely to prove less severe than feared, the analyst tells investors in a research note. Barclays still favors businesses exposed to commercial and clinical volumes, mainly bioprocessing and diagnostics.