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UPDATE: Wedbush Downgrades Illumina to Neutral on Risk/Reward

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Illumina Now A Buy Following Q2 Beat, Improved Sales Outlook
7 Biggest Price Target Changes For Monday

Wedbush reduced its rating on Illumina (NASDAQ: ILMN) from Outperform to Neutral and reiterated its $52 price target.

Wedbush noted, "We have spoken with several typical sequencing customers recently that are either putting off or second guessing HiSeq purchases because of the attractive price point of ILMN's own sequencing service. In addition, for the first time, we are hearing about instances of used HiSeq 2000's for sale on the secondary market at steep discounts. On a positive note, near-term project pipelines appear robust and, despite continued MiSeq teething pains, feedback remains largely positive to date, with plans for greater utilization by core labs in 2013."

Illumina closed at $55.55 on Thursday.

Latest Ratings for ILMN

DateFirmActionFromTo
Aug 2017Canaccord GenuityUpgradesHoldBuy
Jul 2017Morgan StanleyMaintainsUnderweight
Mar 2017Leerink SwannUpgradesMarket PerformOutperform

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