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Despite action from multiple sell-side analysts, shares of Illumina, Inc. (NASDAQ: ILMN) are trending downward on the day.
Illumina was recently seen trading down 5.33 percent at $168.10 from a Wednesday close around $177.
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Thus far into Thursday's trading, the company's shares reached a high of 173.75 and a low of 167.12.
Deutsche Bank
Deutsche Bank initiated with a Hold with a price target of $192.00 on Wednesday.
"ILMN shares recovered strongly into year-end following steep declines in 2H15 due to overly high expectations, growing fears of increasing competition, and a negative guidance revision," the firm noted.
Wells Fargo
Wells Fargo downgraded Illumina from Outperform to Market Perform.
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The firm noted the following in a research note released Thursday, "The probability that Illumina will announce a product launch big enough to re-accelerate revenue growth in 2016 is low."
AvondalePartners
Avondale initiated coverage of the issue with a Market Perform rating with a $175.00 price target.
The research firm sees Illumina as a dominate player in the next-generation sequencing market, however the firm remains hesitant of its "hefty" valuation. Avondale noted being "skeptical" of Illumina's total market estimate.
Cowen And Company
Cowen and Company raised its price target of the company to $215 on Thursday.In October, the firm reiterated an outperform rating and issued a $220.00 target price (lowered from $300.00) on shares of Illumina in a research report.
Barclays
Lastly, Barclays raised its target from $170 to $175, maintaining an Equal Weight rating.Image Credit: Public DomainCrypto Whales Are Loading Up — Are You?
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