Goldman Sachs Downgrades Illumina (ILMN) to Neutral

Goldman Sachs downgraded Illumina (NASDAQ: ILMN) from Buy to Neutral with a price target of $66 (down from $76).

The firm said, "With 40% of revenues tied to US academic labs and one third of revenues tied to low growth microarray technology, we acknowledge that ILMN may face greater-thananticipated funding headwinds that preclude material revenue beats that we view as essential to driving multiple expansion."

In the sector, Goldman also downgraded Waters (NYSE: WAT) and upgraded Mettler-Toledo International, Inc. (NYSE: MTD).

For more ratings news on Illumina click here and for the rating history of Illumina click here.

Shares of Illumina closed at $54.50 yesterday.

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