Illumina price target raised to $89 from $86 at TD Cowen

TD Cowen analyst Dan Brennan raised the firm’s price target on Illumina (ILMN) to $89 from $86 and keeps a Hold rating on the shares. The firm says that against a difficult macro, Illumina is delivering good execution and maintaining EPS growth despite idiosyncratic China and NIH spend headwinds. Guidance was reduced though a cut was expected, and underneath there are positives and strong cost out, TD Cowen argues.