Leerink analyst Puneet Souda raised his price target for Illumina to $225 from $207 as he believes customers are competing with each other to gain access to lower sequencing costs, driving the new instrument upgrade cycle for NovaSeq. The analyst recently assessed the theoretical and practical output of Illumina's traditional HiSeq platform and NovaSeq flowcells to arrive at a steady state but still conservative annual consumable pull-through of about $700k for NovaSeq as the high-demand S4 flow cell launches into the leading high-volume labs this month. He reiterates an Outperform rating on the shares.