Illumina, Inc.’s ILMN NovaSeq X Plus is likely to become “the ultimate genome machine,” lending upside in 2024 and beyond, according to SVB Securities.
The Illumina Analyst: Puneet Souda upgraded the rating for Illumina from Market Perform to Outperform, while raising the price target to $270.
The Illumina Thesis: NovaSeq X Plus could become the instrument of choice “as both the clinical and research end-markets pivot from panels and exomes to whole genomes, while the backdrop of MRD and cancer screening samples only grows,” Souda said in the upgrade note.
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This product could catalyze the transition over the next three to four years and generate $1.5 million to $1.8 million, “with strong X+ installs replacing the existing 1500 high volume NovaSeq 6k and bringing in new customers,” the analyst added.
Illumina served a total addressable market of $120 billion and was “about to benefit from major expansion in its latest HT cycle,” he further mentioned.
ILMN Price Action: Shares of Illumina had risen by 9.47% to $204.97 at the time of publication Tuesday.
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