UPDATE: BTIG Research Initiates Coverage On Illumina, Inc. On Long-Term Investment Opportunity

In a report published Friday, BTIG Research analyst Dane Leone initiated coverage on

with a Buy rating and $220.00 price target. In the report, BTIG Research noted, “We think ILMN is a good investment for long‐term investors as opportunities in the clinical diagnostics space along with a highly flexible balance sheet allow the company to develop from a ‘product' company, currently dependent on NGS technology cycles, to a ‘portfolio' company managing an array of product lines that extend from its core leadership position in NGS. We rate ILMN Buy with a target price of US$220. While there is risk for a pullback in the stock near term, we like the long term story, and would advise longer term investors to buy the dips.” Illumina, Inc. closed on Thursday at $159.54.