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Fly News Breaks for July 12, 2019
ILMN
Jul 12, 2019 | 07:19 EDT
Cowen analyst Doug Schenkel lowered his price target for Illumina to $320 from $380 following the company's "huge" second quarter miss and fiscal year guidance reduction. In a research note to investors, Schenkel says while expectations for the quarter weren't high, "we didn't see a $50M miss coming," adding that the FY guidance cut is "notable." While he says the bias could be to the upside, he contends that Illumina "doesn't get the benefit of the doubt" given recent execution. He maintains an Outperform rating.
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