Canaccord Genuity Reiterates Buy on Illumina (ILMN) Following 3Q15 Preliminary Results
Canaccord Genuity reiterated a Buy rating and $250.00 price target on Illumina (NASDAQ: ILMN) following the company's preliminary 3Q15 earnings results. ILMN reported preliminary 3Q15 revenues of ~$550M compared to the Street’s $569M, citing weakness in Asia and Europe and desktop sequencers.
Analyst Mark Massaro commented, "Ahead of the American Society of Human Genetics (ASHG) meeting this week in Baltimore, ILMN pre-announced a Q3 miss and guided Q4 below our/Street's thinking, sending the stock down 15% after hours, citing softness in Europe and Asia and weakness in its desktop analyzer line. While we expect multiple compression and we're disappointed by the news, ILMN did cite strong consumables growth and HiSeq placements above its expectations. We'll update our model and revisit PT following full Q3/15 results on October 20th. Reiterate BUY."
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Shares of Illumina closed at $163.17 yesterday.