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Fly News Breaks for October 24, 2018
ILMN
Oct 24, 2018 | 06:00 EDT
Piper Jaffray analyst William Quirk believes weakness in shares of Illumina following the company's Q4 guidance provides a buying opportunity. The company clarified Q4 guidance to mean flat to slightly above Q3 revenue levels and earnings per share of $1.30-$1.35, Quirk tells investors in a research note. After adjusting for the Chinese stocking orders in the past two quarters, the magnitude of the beat in Q3 is the lowest since Q1 of 2017, the analyst points out. However, he's not "overly concerned" given "all the potential accelerators Illumina has in the coming years." He would use this pullback to establish longer-term positions and keeps an Overweight rating on Illumina. Quirk raised his price target for the shares to $384 from $380.
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