Cowen analyst Doug Schenkel said Illumina's 2015 revenue upside appears "more limited than usual" and he expects the company will likely guide 2016 revenue below Street expectations. Schenkel is also "highly confident" that Illumina's investments over the next several quarters are likely to "far exceed" current expectations, he tells investors in a research note. The analyst cut his estimates for Illumina and lowered his price target for shares to $220 from $300, but maintains an Outperform rating, citing some "clear signs of progress" at the company and his belief that its total market opportunity can expand from $20B to at least $40B-$50B over the longer-term.