Canaccord Genuity Reiterates Buy After Illumina (ILMN) Releases 3Q Preliminary Results

Canaccord Genuity reiterated a Buy rating and $250.00 price target on Illumina (NASDAQ: ILMN) after the company released preliminary 3Q earnings results. ILMN reported preliminary revenues of ~$550M vs. 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."

For an analyst ratings summary and ratings history on Illumina click here. For more ratings news on Illumina click here.

Shares of Illumina closed at $145.10 yesterday.

You May Also Be Interested In

• Texas Instruments (TXN) Reiterated at Neutral by Cantor Fitzgerald on Upside to Earnings Power
• CVS Health (CVS) PT Raised to $112 at Bernstein SocGen Group
• GameSquare to acquire FanEngine assets in ~$15.9M stock deal