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Fly News Breaks for April 19, 2016
ILMN
Apr 19, 2016 | 07:55 EDT
Leerink analyst Dan Leonard lowered his price target for Illumina to $165 from $175. The analyst says the company needs to "meaningfully exceed" revenue expectations for the stock to work, but he does not see a driver for these types of revenue beats, with the reported Q1 miss supporting this view. Leonard expects an emerging debate over Illumina's ability to forestall centralization and continue to segment the market at the high end of next generation sequencing. The analyst reiterates a Market Perform rating on the shares.
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