Illumina (ILMN) PT Lowered to $562 at Cowen

Cowen analyst Dan Brennan lowered the price target on Illumina (NASDAQ: ILMN) to $562.00 (from $570.00) while maintaining an Outperform rating as strong momentum continues, with conservative guidance.

The analyst commented, "With 4Q & '22 guide already preannounced, the focus this evening was on gaining additional insight on new products, demand trends, and the emerging competitive landscape. We see upside to '22 guide (on placements and Nova pull through) and were encouraged by new product color and robust demand commentary. We trim our PT to $562 on mark to market GRAIL value given peers' price declines in our SoTP."

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