As previously reported, Morgan Stanley analyst Steve Beuchaw upgraded Illumina to Equal Weight from Underweight, admitting that his prior thesis overestimated the impact of new products such as NovaSeq on utilization of the legacy installed base and failed to value critical new markets. He now sees it as clear that broadening support for sequencing applications across faster-growing existing markets and into emerging markets de-risks the long-term outlook, Beuchaw tells investors. He raised his price target on Illumina shares to $320 from $210, stating that he sees a path to $40B in sales by 2040.