Analyst Jacob Kilstein noted that the company warned last Monday after the close that third-quarter revenues would likely undershoot its target, blaming the shortfall on a greater-than-expected drop in sales of gene-sequencing machines. On Tuesday, reacting to the announcement, shares fell 25 percent intra-day.
Citing the anticipated revenue miss, Argus lowered its 2016 adjusted earnings per share estimate to $3.40 and the 2017 estimate to $4.02. Notwithstanding the current revenue weakness, Argus sees continued growth in the market for gene sequencing equipment.
As such, the firm lowered its price target on the shares to $170 from $205 but maintains its Buy rating.
At the time of writing, shares of Illumina were up 0.45 percent at $136.75.
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